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Reporting Intangible Costs Hanks Co, recorded the following amounts for 2020 Research and development costs...

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Reporting Intangible Costs Hanks Co, recorded the following amounts for 2020 Research and development costs $50.000, Patent, acquired on January 1, 2020, with 10 year useful life $35,000 . Goodwill from purchase of a company, 5100,000 Acquired customer list with an indefinite useful life, $20,000 Legal fees paid on December 31, 2020, to register a patent internally developed, 15-year useful life). $5.000. a a. Determine the amounts to be included on the balance sheet on December 31, 2020. Assume no asset is impaired Balance Sheet, Dec 31, 2020 Prepaid expenses Patents.net Goodwill Customer list b. Determine amounts to be included on the income statement for the year 2020. Assume no impairment losses were recorded Income Statement for the Year Ended Dec 31, 2020 Research and development expense Amortization expense Osher operating expense Next Previous Save Answers

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