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Accounting for Various Intangible Costs: Amortization, Change in Accounting Estimate Munn Inc. reported its Other noncurrent asset account balances on December 31 of Year 2 as follows. Information relating to these Other noncurrent assets for Year 3 follows. 1. The patent was purchased from Grey Company on January 2 of Year 1, when the remaining legal life was 16 years. On January 2 of Year 3 . Munn determined that the remaining useful life of the patent was only six more years. 2. On January 2 of Year 3, in connection with the purchase of a trademark from Cody Corp., the parties entered into a noncompete agreement. Munn paid Cody $960,000, of which 75% related to the trademark and 25% reflected Cody's agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be indefinite. 3. On January 1 of Year 3, Munn acquired all the noncash assets and assumed all liabilities of Amboy Company at a cash purchase price of $1,440,000. Munn determined that the fair value of the identifiable net assets acquired in the transaction is $960,000. 4. Munn incurred the following research and development costs in Year 3. a. Prepare a schedule of amortization for Year 3 showing amortization expense that applies to each intangible asset. The company amortizes intangible assets using the straight-line method. b. Prepare the balance sheet presentation of intangible assets for Munn on December 31 of Year 3 , and the income statement presentation for the year ended December 31 of Year 3. - Note: Do not use negative signs with any of your answers