Please solve the whole thing. 
Intangibles: Balance Sheet Presentation and Income Statement Effects Barb Company has provided information on intangible assets as follows: records at a net book value of $1,250,000 when Lou sold it to Barb. Barb estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. 3. Barb incurred R\&D costs in 2019 as follows: Barb estimates that these costs will be recouped by December 31, 2020. 4. On January 1,2019, Barb estimates, based on new events, that the remaining life of the patent purchased on January 1,2018 , is only 5 years from January 1,2019. Required: 1. Prepare the intangibles assets section of Barb's balance sheet at December 31, 2019. Cost of patent at date of purchase Amortization of patent for 2018 Amortization of patent for 2019 Patent balance Schedule 2: Computation of Franchise from Rink Company Cost of franchise at date of purchase Amortization of franchise for 2019 Franchise balance 2. Prepare a schedule showing the income statement effects for the year ended December 31,2019 , as a result of the previously mentioned facts. BARB COMPANY Income Statement Effects For the Year Ended December 31, 2019 Patent from Lou Company: Amortization of patent for 2019 (Schedule 1) Franchise from Rink Company: Amortization of franchise for 2019 (Schedule 2) $50,000 Payment to Rink 100,000 Research and Development Costs 320,000 Total expenses Intangibles: Balance Sheet Presentation and Income Statement Effects Barb Company has provided information on intangible assets as follows: records at a net book value of $1,250,000 when Lou sold it to Barb. Barb estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. 3. Barb incurred R\&D costs in 2019 as follows: Barb estimates that these costs will be recouped by December 31, 2020. 4. On January 1,2019, Barb estimates, based on new events, that the remaining life of the patent purchased on January 1,2018 , is only 5 years from January 1,2019. Required: 1. Prepare the intangibles assets section of Barb's balance sheet at December 31, 2019. Cost of patent at date of purchase Amortization of patent for 2018 Amortization of patent for 2019 Patent balance Schedule 2: Computation of Franchise from Rink Company Cost of franchise at date of purchase Amortization of franchise for 2019 Franchise balance 2. Prepare a schedule showing the income statement effects for the year ended December 31,2019 , as a result of the previously mentioned facts. BARB COMPANY Income Statement Effects For the Year Ended December 31, 2019 Patent from Lou Company: Amortization of patent for 2019 (Schedule 1) Franchise from Rink Company: Amortization of franchise for 2019 (Schedule 2) $50,000 Payment to Rink 100,000 Research and Development Costs 320,000 Total expenses
