The following information is for accounts that may still need adjustment: amortization and amortizes its patents over their legal life, which was 17 years when the patent was granted. Accumulate all amortization expense in one income statement account. resale value of the patent was approximately $50,000, and disposal costs would be $5,000. agreement no. 1. In January 2021, a flood caused additional damage that rendered the agreement worthless. 5. The Leasehold Improvements account includes the following: (i) There is a $15,000 cost of improvements that Bridgeport made to premises that it leases as a tenant. The improvements were made in January Screenshot saved (ii) Movable assembly-line equipment costing $15,000 was installed in the leased premises in December 2020. The screenshot was added to your (iii) Real estate taxes of $6,500 were paid by Bridgeport in 2020 , but they should have been paid by the landlord under the terms of the lease agree.. OneDrive. 5. The Leasehold Improvements account includes the following: (ii) Movable assembly-line equipment costing $15,000 was installed in the leased premises in December 2020. (iii) Real estate taxes of $6,500 were paid by Bridgeport in 2020 , but they should have been paid by the landlord under the terms of the lease agreement. amortization or depreciation has been recorded on any amounts related to the lease or improvements. 2021. Salaries of two employees who spend approximately 50% of their time on research and development initiatives (this amount represents their full salary) $120,000 Materials consumed 30,000 Agreements and Goodwill.) Bridgeport Corporation Statement of Financial Position For the Year Ended December 31, 2020 Assets $ $