Sheridan Company has provided information on intangible assets as follows. A patent was purchased from Skysong Company for $1,700,000 on January 1, 2019. Sheridan estimated the remaining useful life of the patent to be 10 years. The patent was carried in Skysong's accounting records at a net book value of $1,700,000 when Skysong sold it to Sheridan. During 2020, a franchise was purchased from Concord Company for $520,000. In addition, 5% of revenue from the franchise must be paid to Concord Revenue from the franchise for 2020 was $2,390,000. Sheridan estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Sheridan incurred research and development costs in 2020 as follows. Materials and equipment $158,000 Personnel 204,000 Indirect costs 107,000 $469,000 Sheridan estimates that these costs will be recouped by December 31, 2023. The materials and equipment purchased have no alternative uses On January 1, 2020, because of recent events in the field, Sheridan estimates that the remaining life of the patent purchased on January 1, 2019.is only 5 years from January 1, 2020 Prepare the intangibles section of Sheridan's balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.) donor SHERIDAN COMPANY Intangibles Section of Balance Sheet Prepare the income statement effect (related to expenses) for the year ended December 31, 2020, as a result of the facts above. (Enter account name only and do not provide descriptive information.) SHERIDAN COMPANY Income Statement Effect