- Chapter 9 Lab Assignment Question 6 of 7 9.38 / 15 View Policies Show Attempt History Current Attempt in Progress Wildhorse Company has a December 31 fiscal year end. Selected information follows for Wildhorse Company for two independent situations as at December 31, 2024: 1. Wildhorse purchased a patent from Windsor Inc. for $471,000 on January 1, 2021. The patent expires on January 1, 2029. Wildhorse has been amortizing it over its legal life. During 2024, Wildhorse determined that the patent's economic benefits would not last longer than six years from the date of acquisition. 2. Wildhorse has a trademark that had been purchased in 2017 for $285,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $300,000. (a) Your answer is partially correct. For each of these assets, determine the amount that will be reported on Wildhorse's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, eg. 5,276. December 31, 2023 December 31, 2024 Patent 294375 $ 17750 Trademark $ 335000 300000 e Textbook and Media Assistance Used List of Accounts Attempts: 3 of 3 used (b) Your answer is partially correct. For each of these assets, determine what, if anything, will be recorded on Wildhorse's 2024 income statement. Be specific about the account name and the amount. (Round answers to O decimal places, e.g. 5,276.) Wildhorse Company Income Statement (Partial) For the Year Ended December 31, 2024 Operating Expenses v: Impairment Loss 233500 Trademark e Textbook and Media List of Accounts Save for Later Last saved 20 hours ago. Attempts: 1 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes