CALCULATOR PRINTER VERSSON 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 useful life of the patent to patent was carried in Ford's accounting records at a net book value of $1,968,000 when Ford sold it to Cullumber During 2017, a franchise was purchased from Polo Company for $50s,000. In addition, 7% of revenue from the franchise must be pad to Polo. Revenue form the franchise for 2017 was $2.456,000Cullum er estimates the useful life of the franchise to be 10 years and takes a ful years a rt at in he y of purch Cullumber incurred research and development costs in 2017 as follows. Materials and equipment Personnel Indirect costs $139,600 193,600 102,800 $436,000 Cullumber estimates that these costs will be recouped by December 31, 2020. T stimates that these costs will be recouped by December 31, 2020. The maternials and equipment purchased have no alternative On January 1, 2017, because of recent events in the field, Cullumber estimates that the remaining ife of the patent purchased on from January 1, 2017