undefined

1. Howard Corp. reported other noncurrent asset account balances on December 31, 2020, as follows. Patent Accumulated amortization Net patent $672,000 84,000 $588,000 Transactions during 2021 and other information relating to Howard other noncurrent assets include the following. 1. The patent was purchased from Sawyer Company on January 2, 2019, when the remaining legal life was 16 years. On January 1, 2021, Finn determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1, 2021, in connection with the purchase of a trademark from Tripp Corp., the parties entered into a noncompetition agreement. Finn paid Tripp $2,800,000, of which 75% related to the trademark and 25% reflected Tripp's agreement not to compete for a period of five years in the line of business covered by the trademark. || Howard considers the life of the trademark to be indefinite. 3. On January 1, 2021, Howard acquired all the noncash assets and assumed all liabilities of Hunter Company at a cash purchase price of $4,200,000. Finn determined that the fair value of the identifiable net assets acquired in the transaction is $2,800,000. 4. Howard incurred the following research and development costs in 2021. Salaries and related expenses related to the development of patents Supplies Allocated facility costs $437,500 $ 52.500 $ 70,000 Required: a. Prepare a schedule of amortization for 2021 relating to Howard's intangible assets assuming straight-line amortization. b. Prepare a partial income statement presentation for the year ended December 31, 2021 for the above information. c. Prepare a partial balance sheet presentation of intangible assets for Howard as of December 31, 2021. Show all calculations and prepare all answers in proper form