Return to Blackboard Kieso, Intermediate Accounting, 16e Help l CALCULATOR PRINTER VERSION BACK NEXT Exercise 12-8 (Part Level Submission) Sunland Company has provided information on intangible assets as follows A patent was purchased from Ford Company for $2,506,000 on January 1, 2016. Sunland estimated the remaining useful life of the patent to be 10 years. The patent was carried in Ford's accounting records at a net book value of $1,968,000 when Ford sold it to Sunland. During 2017, a franchise was purchased from Polo Company for $530,000. In addition, 4% of revenue from the franchise must be paid to Pol. R efrom the fr $2,431,000. Sunland estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase Sunland incurred research and development costs in 2017 as follows. efor 2017 was Materials and equipment $143,100 186,700 107,300 $437,100 Indirect costs Sunland estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses on January 1, 2017, because of recent events in the field, sunland estimates that the remaining life of the patent purchased on lanuary 1, 2016, son, Syer,hanlau .2017 Y (a) Prepare the intangibles section of Sunland's balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information) SUNLAND COMPANY Intangibles Section of Balance Sheet For the Year Ended December 31, 2017 Open Show Work 033 Click if you would like to Show Work for this question: Type here to search