Sunland Corp., reporting under ASPE, has provided the following information regarding its intangible assets: 1. A patent was purchased from Marvin Inc. for $1.2 million on January 1, 2019. Sunland estimated the patent's remaining useful life to be 10 years. The patent was carried in Marvin's accounting records at a carrying amount of $1,430,000 when Marvin sold it to Sunland. On January 1, 2020, because of recent events in the field, Sunland estimates that the remaining life of this patent is only five years from January 1, 2020. 2. During 2020, a franchise was purchased from Burr Ltd. for $293,000. As part of the deal, Burr must also be paid 6% of revenue from the franchise operations. Revenue from the franchise for 2020 was $1.4 million. Sunland estimates the franchise's useful life to be 10 years and takes a full year's amortization in the year of purchase. 3. Sunland incurred the following research costs in 2020: Materials and equipment $81,900 Personnel 118,000 Indirect costs 52,900 $252,800 (a) Your answer is partially correct. Prepare a schedule showing the intangibles section of Sunland's statement of financial position at December 31, 2020. Sunland Corp. INTANGIBLES SECTION OF STATEMENT OF FINANCIAL POSITION December 31, 2020 Intangible Assets-Patents (net) Intangible Assets-Franchises (net) 263700 Total intangibles $