CALCULATOR PRINTER VERSION 'BACK- Exercise 12-8 (Part Level Submission) Cullumber Company has provided information on intangible assets as follows. A patent was purchased from Ford Company for $2,501,000 on January 1, 2016. Cullumber estimated the remaining userful life of the patent to be 10 years. The patent was carried in Ford's accounting records at a net book value of $1,968,000 when Ford sold it to Cullumber. franchise for 2017 was $2 456,000. Cul umber Company for $50 000. In addition, 7%of revenue f Cullumber incurred research and development costs in 2017 as follows. Materials and equipment the franchise must be paid to P Revenue fr the Cullumber estimates the useful life of the franhise to be 10 years and takes a full year's amortization in the year of purchase $139,600 193,600 102,800 $436,000 Personnel 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 from January 1, 2017. estimates that the remaining life of the patent purchased on January 1, 2016, is only S years