Question 2 Not complete Marked out of 9.00 P Flag question Patent Accounting for various intangible Costs: Amortization, Change in Accounting Estimate Munn In reported other noncurrent asset account balances on December 31, 2020, as follows. 5153.600 Accumulated amortization (19.2000 Net parent 5134.400 Transactions during 2021 and other information relating to Munn's other noncurrent assets include the following 1. The patent was purchased from Grey Company on January 2, 2019, when the remaining legal life was 16 years. On January 1, 2021, Munn determined that the remaining useful life of the patent was only eight years from the date of its acquisition 2.On January 1, 2021, in connection with the purchase of a trademark from Cody Corp, the parties entered into a noncompetition agreement. Munn paid Cody 5640,000, 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, 2021, Munn acquired all the noncash assets and assumed all liabilities of Amboy Company at a cash purchase price of $960,000. Munn determined that the fair value of the Identifiable net assets acquired in the transaction is 5640.000 4. Murn incurred the following research and development costs in 2021 Salaries and related expenses related to development of parents $100.000 Supplies Allocated facility costs 12.000 16.000 Required a. Prepare a schedule of amortization for 2021 relating to Munn's intangible assets assuming straight-line amortization. 2021 Amortization Expense Patent Noncom fete agreement Total b. Prepare the balance sheet presentation of intangible assets for Munn on December 31, 2021, and the income statement presentation for the year ended December 31, 2021. Munn Inc. Balance Sheet December 31, 2021 Intangible assets Panent.net Trademark Noncompete agreement, net Goodwill Mun Inc. Income Statement For the year ended December 31, 2021 other expenses Amortion expense Research and development expense Check