uestion 1 of 2 3/6 Presented below is selected information for Sunland Company Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter for amounts) 1. Sunland purchased a patent from Vania Co.for $ 1,170,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Sunland determined that the economic benefits of the patent would not lalonger than 6 years from the date of acquisition What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported $ 468.000 2. Sunland bought a franchise from Alexander Co. on January 1, 2019, for $ 335,000. The carrying amount of e franchise Alexander's books on January 1, 2019 was $ 335,000. The franchise agreement had an estimated useful life of 30 years. Because Sunland must enter a competitive bidding at the end of 2021. it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020? The amount to be amortized $ 11166,67 Arial V 12 + Wrap Text Number DO Peste B lili 23 Marge A Center Conditional Formatting Die F20 WAREN SPORTS SUPPLY YEAR-END WORKSHEET, DECEMBER 31, 2022 ACCT NO ACCOUNT TITLE 12/31 POST CLOSING TRIAL BALANCE DET CREDI ADJUSTED TSAL BALANCE MICON STATE UNADJUSTEO TRIAL BALANCE DEBIT CREDIT YEAR END ADJUSTMENTS DEBIT 10 CREOLE CREOLE 101010 1109 10300 ADSETS Cash AKO Mowance from one My 11.02.10 11100700 11112012 X TI 6100 34 1 101010 200007 40593 Pets DDD 15150 21 1112035 0797 20 1 2010 20300 20400 LIABILITES Accounts payable fetamed Statements with Balne mellores partie Pecera nemployment taxes payable HIGA 44795 0000 20700 + 31 1530 29.797.00 2100 its payable Nes payable STOCKHOLDERS' EQUITY Common stock 25000 0026499 10 REVENUE AND GROSS PROFIT 1 30105 30200 20200 36400 100 20000 30700 0800 31100 Salesume andances Sediacounts taken Cool food Purcharen Purchase and owner 1 4619 2010 4040 4050 4000 UND Macetaneous revenue EXPENSES Rant per Advertising expense Oople expenses Depreciation pense Wes and sales expense Payroltaxt pense Focal Sheet1 1 Ready