View Policies Current Attempt in Progress Ivanhoe Company has provided information on intangible assets as follows A patent was purchased from Metlock Company for $1,850,000 on January 1, 2019. Ivanhoe estimated the remaining useful life of the patent to be 10 years. The patent was carried in Metlock's accounting records at a net book value of $1,850,000 when Metlock sold it to Ivanhoe During 2020, a franchise was purchased from Sarasota Company for $480,000. In addition, 5% of revenue from the franchise must be paid to Sarasota Revenue from the franchise for 2020 was $2,410,000. Ivanhoe estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Ivanhoe incurred research and development costs in 2020 as follows. Materials and equipment $152.000 Personnel 186.000 Materials and equipment $152,000 Personnel 186,000 Indirect costs 105.000 $143.000 Ivanhoe estimates that these costs will be recouped by December 31, 2023. The materials and equipment purchased huve no alternative uses On January 1, 2020, because of recent events in the field, Ivanhoe estimates that the remaining life of the patent purchased on January 1, 2019. is only 5 years from January 1, 2020 (a) ework Ch ./1 E > Question 10 of 14 descriptive information) IVANHOE COMPANY Intangibles Section of Balance Sheet Intangible Assets Total Assets LOE COMPANY ction of Balance Sheet Total Current Assets Total Current Liabilities Total intele Assets Intangible Assets $ eTextbook and Media