Current Attempt in Progress Information concerning Oriole Corporation's intangible assets follows: 1. 2. 3. Oriole incurred $68,600 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 $20,400. Oriole estimates that the useful life of the patent will be 10 years; the legal life of the patent is 20 years. On January 1 2020, Oriole signed an agreement to operate as a franchisee of Dairy King, Inc. for an initial franchise fee of $174,000. The agreement provides that the fee is not refundable and no future services are required of the franchisor. Oriole estimates the useful life of the franchise to be 15 years. A trade name was purchase from Stine Company for $80,800 on May 1, 2018. Expenditures for successful litigation in defense of the trade name totaling $16,200 were paid on June 1, 2020. Oriole estimates that the trade name will have an indefinite life. Prepare the intangible asset section of the Oriole's balance sheet at thecember 31, 2020. Oriole Corporation INTANGIBLE ASSETS December 31, 2020