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Intangibles: Balance Sheet Presentation and income Statement Effects Binford Company has provided information on intangible assets as follows: 1. A patent was purchased from Lou Company for $1,785,000 on January 1, 2018, Binford estimated the remaining useful life of the patent to be 10 years, The patent was carried in Lou's accounting records at a net book value of $1,405,000 when Lou sold it to Binford. 2. During 2019, a franchise was purchased from Rink Company for $580,000. In addition, 6% of revenue from the franchise must be paid to Runk. Revenue from the franchise for 2019 was $2,500,000. Binford estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. 3. Binford incurred RBD costs in 2019 as follows: Binford estimates that these costs will be recouped by December 31,2020 . 4. On January 1,2019, Binford estimates, based on new events, that the remaining life of the patent purchased on January 1,2018 , is only 5 years from January 1. 2019. 1. Prepare a schedule showing the intangibles section of Binford's balance sheet at December 31, 2019. 2. Prepare a schedule showing the income statement effects for the year ended December 31,2019 , as a result of the previously mentioned facts. Binford Company Income Statement Effects For the Year Ended December 31,2019 Patent from Lou Company; Amortization of patent for 2019 (Schedule 1) Franchise from Rink Company; Amprtization of fronchise for 2019 (Schedvle 2) s. 58,000 Payment to Rink Bescarch and Develooment Costs Total expenses