Question 9 Presented below is selected information for CarlaVista Company. Answer the questions asked about each of the factualsituations. 1) Carla Vista purchased a patent from Vania Co. for$1,180,000 on January 1, 2015. The patent is being amortized overits remaining legal life of 10 years, expiring on January 1, 2025.during 2017, Carla Vista determined that the economic benefits othe patent 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 31,2017? (The amount to be reported_______) 2) Carla Vista bought afranchise from Alexander Co. on January 1, 2016, for $340,000. Thecarrying amount of the franchise on alexander's books on January 1,2016, was $490,000. The franchise agreement had an estimated usefullife of 30 years. Because Carla Vista must enter a competitivebidding at the end of 2018, it is unlikely that the franchise willbe retained beyond 2015. What amount should be amortized for theyear ended December 31, 2017? (The amount to be amortized_____) 3)On January 1, 2017, Carka Vista incurred organization costs of$270,000. What amount of organization expense should be reported in2017? (The amount to be reported_____) 4) Carla Vista purchased thelicense for distribution of a popular consumer product on January1, 2017, for $148,000. It is expected that this product willgenerate cash flows for an indefinite period of time. The licensehas an initial term of 5 years but by paying a nominal fee, CarlaVista can renew the license indefinitely for successive 5-yearterms. What amount should be amortized for the year ended December31, 2017? (Ther amount to be amortized______)