Answered Essay: Kieso, Intermediate Accounting, 16e Us I Log O INTERMEDIATE ACCOUNTING I & II (310/311/312 PLUS T1Contact Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Cullumber Company has provided information on Intangible assets as follows. A patent was purchased from Ford Company for $2,436,000 on January 1, 2016. Cullumber estimated th e remaining useful life of the patent to be 10 years. The patent was carried in Ford's accounting records at a net book value of $2,081,000 when Ford sold it to Cullumber. During 2017, a franchise was purchased from Polo Co mpany for $521,000. In addition, 7% of revenue f m the a ch se ust be paid toPol Revenue from the an ise for 2017 was $2,624,000. Cullumber estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Cullumber Incurred research and development costs in 2017 as follows. Materials and equipment $140,000 184,200 102,900 $427,100 Indirect costs Cullumber estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses. On January 1, 2017, because of recent events in the field, Cullumber estimates that the remaining life of the patent purchased on January 1, 2016, is only 5 years frosm anuary 1, 2017 Prepare the intangibles section of Cullumber's balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.) CULLUMBER COMPANY Section of Balance Sheet MacBook Pro 44 F F5 3 4 W E commandi

Kieso, Intermediate Accounting, 16e Us I Log O INTERMEDIATE ACCOUNTING I & II (310/311/312 PLUS T1Contact Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Cullumber Company has provided information on Intangible assets as follows. A patent was purchased from Ford Company for $2,436,000 on January 1, 2016. Cullumber estimated th e remaining useful life of the patent to be 10 years. The patent was carried in Ford’s accounting records at a net book value of $2,081,000 when Ford sold it to Cullumber. During 2017, a franchise was purchased from Polo Co mpany for $521,000. In addition, 7% of revenue f m the a ch se ust be paid toPol Revenue from the an ise for 2017 was $2,624,000. Cullumber estimates the useful life of the franchise to be 10 years and takes a full year’s amortization in the year of purchase. Cullumber Incurred research and development costs in 2017 as follows. Materials and equipment $140,000 184,200 102,900 $427,100 Indirect costs Cullumber estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses. On January 1, 2017, because of recent events in the field, Cullumber estimates that the remaining life of the patent purchased on January 1, 2016, is only 5 years frosm anuary 1, 2017 Prepare the intangibles section of Cullumber’s balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.) CULLUMBER COMPANY Section of Balance Sheet MacBook Pro 44 F F5 3 4 W E commandi

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