Starn Tool \& Manufacturing Company, located in Meadville. PA, provides component machining for robotics, drones, vision systems. company has five different intangible assets to be accounted for and reported on the financial statements. The management is a. Patent. The company purchased a patent for a new tool at a cash cost of $70,200 on January 1, 2023, The patent has an estimated useful life of 13 years. b. Copyright. On January 1, 2023, the company purchased a copyright for $28,000 cash. It is estimated that the copyrighted item will have no value by the end of 10 years. c. Franchise. The company obtained a franchise from H&H Tool Company to make and distribute a special item for the automotive industry. It obtained the franchise on January 1, 2023, at a cash cost of $15,500 for a 10-year period. d. License. On January 1, 2022, the Kompany secured a license from the city to operate a special service for a period of five years. Total cash expended to obtain the license was $15,100. e. Goodwill. The company purchased another business in January 2020 for a cash lump sum of $510,000. Included in the purchase. price was "Goodwill, $51,000." Company executives stated that "the goodwill is an important long-lived asset to us." It has an indefinite life. Required: 1. Compute the amount of amortization that should be recorded for each intangible asset at the end of the annual accounting period, December 31,2023. 2. Determine the book value of each intangible asset on December 31,2024 . 3. Assume that on January 2, 2025, the copyrighted item was likely impaired in its ability to continue to produce strong revenues due to a legal dispute. The other intangible assets were not affected. Starn estimated that the copyright would be able to produce future cash flows of $20,300. The fair value of the copyright was determined to be $19,300. Compute the amount, if any, of the impairment. loss to be recorded. Complete this question by entering your answers in the tabs below. Assume that on January 2, 2025, the copyrighted item was likely impaired in its ability to continue to produce strong revenuipe due tn a lenal disnute. The nther intannihle accete were nnt afferted. Stam ectimatent that the connuriaht whild ha 1. Compute the amount of amortization that should be recorded for each intangible asset at the end of the annual accounting period, December 31,2023. 2. Determine the book value of each intangible asset on December 31,2024 . 3. Assume that on January 2, 2025, the copyrighted item was likely impaired in its ability to continue to produce strong revenues due to a legal dispute. The other intangible assets were not affected. Starn estimated that the copyright would be able to produce future cash flows of $20,300. The fair value of the copyright was determined to be $19,300. Compute the amount, if any, of the impairment loss to be recorded. Complete this question by entering your answers in the tabs below. Assume that on January 2, 2025, the copyrighted item was likely impaired in its ability to continue to produce strong revenues due to a legal dispute. The other intangible assets were not affected. Starn estimated that the copyright would be able to produce future cash flows of $20,300. The fair value of the copyright was determined to be $19,300. Compute the amount, if any, of the impairment loss to be recorded