Please help:)

Able Company provided information on its intangible assets as follows. 1. A patent was purchased from East Development Company for $3,000,000 on January 1 of Year 1. Able estimated the remaining useful life of the patent to be 10 years. 2. On January 1 of Year 2 , a franchise was purchased from the West Company for $1,000,000. In addition, 5% of revenue from the franchise must be paid to West. Revenue from the franchise for Year 2 was $2,400,000. Able Company estimates the useful life of the franchise to be 10 years and records a full year's amortization (straight-line) in the year of purchase. 3. Able incurred R\&D costs in Year 2 as follows. Able estimates that these costs will be recouped by December 31 of Year 6 . 4. On January 1 of Year 2 , based on new events, Able estimates that only 5 years remain in the life of the patent purchased on January 1 of Year 1. Required a. Prepare a schedule showing the intangible assets that should be rechorted on Able Company's balance sheet at December 31 of Year 2. - Note: Do not use negatives signs with any of your answers. 31 of Year 2. - Note: Do not use negatives signs with any of your answers. b. Prepare an income statement for the year ended December 31 of Year 2, as a result of the above transactions. Assume a 25% income tax rate. - Note: Do not use negatives signs with any of your answers