Slam Tool Company has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these intangibles Facts about each wangible follow Patent. The company purchased a patent at a cash cost of $55,900 on Januwy 1 2017. The patent has an estimated useful le of 13 years b. Copyright on January 1, 2017, the company purchased a copyright for $22,500 cash. It is estimated that the copyrighted item will have no value by e end of 10 years c. Franchise. The company obtained a franchise from McKenna Company to make and distribute a special item. It obtained a franchise on January 1, 2017, atacathcotet 114.400 for a 10-year pered d. License. On January 1, 2016, the company secured a license from the city to operate a special rice for a period of five years. Tot cash expended to obtain the license wat $14,000 . Goodwill. The company started business in January 2014 by purchasing another business for a cash lump sum of $400,000. Included in the purchase price was 'Goodwit, 540.000. Company entives tated that the goodwill is an important long.lived asset to us. It has an indefinite fe. Required: 1. Compute the amount of amortization that should be recorded for each intangible toet at the end of the annual accounting period, December 31, 2017 Patent Copyright Franchise License Goodwill d 2. Determine the book value of each intangible asset on December 31, 2018 Book Value Dec 31, 2018 nem Patent Copyright Franchise License Goodwil Total book value d 3. Assume that on January 2, 2019, the copyrighted tom was impared in its abiy to continue to produce strong revenue. The other intangible assets were not ched Star estimated at the two be able to produce futuro cash flow of $17,000. The fair value of the copyright was determined to be $10,000. Compute the amouillary of the implement tous to be recorded ram