Current Attempt in Progress The following is selected information for Blessem Company. Answer the questions asked about each of the factual situations. (Do not leave any answer feld blank. Enter O for amounts) 1. Blossom purchased a patent from Vania Co. for 51.100,000 on danuary 1, 2023. The patent is being amertized over its remaining legal life of 10 years, expiring on January 1.2033. During 2025, Blossom determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization. at December 31, 2025? The amount to be reported 5 2. Biossom bought a franchise from Alexander Co.on January 1. 2024, for $300.000. The carrying amount of the franchise on Alexander's books on January 1.2024, was $300.000. The franchise agreement had an estimated useful life of 30 years. Because Biossom must enter a competitive bidding at the end of 2026 , it is unlikely that the franchise will be retained beyond 2033 . What amount should be amortized for the year ended December 31, 2025? The amount to be amortized 3. On January 1.2025, Blessem incurred organization costs of 5250.000. What amount of organiablon expense shculd be reported in 20257 The amount to be reported $ 4, Biessom purchased the license for distribution of a popular consumer product on danuary 1, 2025, for 5140,000 , it is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by payins a nominal fee, Eleasem can renew the lieense indefinitely for succesaive 5 year terms. What amount should be amortiand for the year ended December 31,2025? The amount to be amortized