Current Attempt in Progress The follewing is selected information for Pharoah Compaty Answer the questions asked about each of the factual situstions. (Do not lave any answer field blanik Enter ofor amounta) 1. Pharcah purchased a patent from Vanla Co, for $1,260,000 on dannuary 1,2023. The patent is being amortized over its remaining legat life of 10 year5, oxpiring on January 1.2033 . During 2025 , Pharoah determined that the economic benefits of the patent wouli not last longer than 6 years from the date of acquiaition, Whot amount shouid be reported in the balance sheet tor the patent, net af accumulated acnortization at December 31,2025 ? The amount to be reported 2. Phar oah bought a franchise trom Alexander Co, on dakiary 1, 2024, for $380000. Fhe carrymid amount of the tranchiue on. Phargah must enter a compenitive bidding the end of 2026 . 1t i unillkely that the frinehise wil be retaincd bevond 2034 What arnount sthaud be anortized for the year codcd December 31, 20? S? 2. Pharoah bought a franchise from Alexander Co. on January 1, 2024, for $380,000. The carrying amount of the tranchise on Alexander's books on January 1. 2024, was $380,000. Tbe franchise agreenent had an ectimated usehu life of 30 years. Hecause Pharoah must enter a competitive bidding at the end at 2026 it is unlikely that the franchise will be retained berond 2033 , What amount should be arnortized tor the year ended December 31,2025 ? The amount to be amortized 3. On January 1. 2025, Pharoah incurred organitation costs of 5290,000 . What amount of orgavization oxpense hhould be retorteit in 2025 ? The amount to bereported 4. Pharoah purehased the license for distribution of a popular consumer product on January 1,2025 , for $156,000. It is erpected that this product will generate cash flows for an indefinite period of time. The liceme has an initial term of 5 years but by payirea a hominal fee, Pharoah can renew the license indefinitefy for wuccessive 5 -year terma. What amount should be amortiaed tor the yeat ended December 31, 2025? The arnount to be amortized Current Attempt in Progress The follewing is selected information for Pharoah Compaty Answer the questions asked about each of the factual situstions. (Do not lave any answer field blanik Enter ofor amounta) 1. Pharcah purchased a patent from Vanla Co, for $1,260,000 on dannuary 1,2023. The patent is being amortized over its remaining legat life of 10 year5, oxpiring on January 1.2033 . During 2025 , Pharoah determined that the economic benefits of the patent wouli not last longer than 6 years from the date of acquiaition, Whot amount shouid be reported in the balance sheet tor the patent, net af accumulated acnortization at December 31,2025 ? The amount to be reported 2. Phar oah bought a franchise trom Alexander Co, on dakiary 1, 2024, for $380000. Fhe carrymid amount of the tranchiue on. Phargah must enter a compenitive bidding the end of 2026 . 1t i unillkely that the frinehise wil be retaincd bevond 2034 What arnount sthaud be anortized for the year codcd December 31, 20? S? 2. Pharoah bought a franchise from Alexander Co. on January 1, 2024, for $380,000. The carrying amount of the tranchise on Alexander's books on January 1. 2024, was $380,000. Tbe franchise agreenent had an ectimated usehu life of 30 years. Hecause Pharoah must enter a competitive bidding at the end at 2026 it is unlikely that the franchise will be retained berond 2033 , What amount should be arnortized tor the year ended December 31,2025 ? The amount to be amortized 3. On January 1. 2025, Pharoah incurred organitation costs of 5290,000 . What amount of orgavization oxpense hhould be retorteit in 2025 ? The amount to bereported 4. Pharoah purehased the license for distribution of a popular consumer product on January 1,2025 , for $156,000. It is erpected that this product will generate cash flows for an indefinite period of time. The liceme has an initial term of 5 years but by payirea a hominal fee, Pharoah can renew the license indefinitefy for wuccessive 5 -year terma. What amount should be amortiaed tor the yeat ended December 31, 2025? The arnount to be amortized