Current Attempt in Progress Information concerning Cullumber Corporation's intangible assets follows: 1. Cullumber incurred $89,600 of experimental and development costs in its laboratory to develop a patent which was granted on January 2, 2020. Legal fees associated with registration of the patent totaled $26,000. Cullumber estimates that the useful life of the patent will be 10 years; the legal life of the patent is 20 years. 2. On January 1 2020, Cullumber signed an agreement to operate as a franchisee of Dairy King, Inc. for an initial franchise fee of $136,500. The agreement provides that the fee is not refundable and no future services are required of the franchisor. Cullumber estimates the useful life of the franchise to be 15 years. 3. A trade name was purchase from Stine Company for $82,400 on May 1, 2018. Expenditures for successful litigation in defense of the trade name totaling $19,800 were paid on June 1, 2020. Cullumber estimates that the trade name will have an indefinite life. Prepare the intangible asset section of the Cullumber's balance sheet at December 31, 2020. Cullumber Corporation INTANGIBLE ASSETS December 31, 2020 Franchise, net of accumulated amortization Patent, net of accumulated amortization 4 Trade name Total intangible assets