E12-4 (Intangible Amortization) Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2008. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2018. During 2010, Palmiero 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, 2010? 2. Palmiero bought a franchise from Dougherty Co. on January 1, 2009, for $350,000. The carrying amount of the franchise on Dougherty