Presented below is selected information for OrioleCompany.

Answer the questions asked about each of the factual situations.(Do not leave any answer field blank. Enter 0 foramounts.)

1. Oriole purchased a patent from Vania Co. for$1,140,000 on January 1, 2018. The patent is being amortized overits remaining legal life of 10 years, expiring on January 1, 2028.During 2020, Oriole determined that the economic benefits of thepatent would not last longer than 6 years from the date ofacquisition. What amount should be reported in the balance sheetfor the patent, net of accumulated amortization, at December 31,2020?

The amount to be reported

$enter the dollar amount to be reported

2. Oriole bought a franchise from Alexander Co. onJanuary 1, 2019, for $320,000. The carrying amount of the franchiseon Alexander’s books on January 1, 2019, was $320,000. Thefranchise agreement had an estimated useful life of 30 years.Because Oriole 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

$enter the dollar amount to be amortized

3. On January 1, 2020, Oriole incurredorganization costs of $260,000. What amount of organization expenseshould be reported in 2020?

The amount to be reported

$enter the dollar amount to be reported

4. Oriole purchased the license for distributionof a popular consumer product on January 1, 2020, for $144,000. Itis expected that this product will generate cash flows for anindefinite period of time. The license has an initial term of 5years but by paying a nominal fee, Oriole can renew the licenseindefinitely for successive 5-year terms. What amount should beamortized for the year ended December 31, 2020?

The amount to be amortized

$enter the dollar amount to be amortized