Presented below is selected information far Alatorre Company. Answer the question asked about each the factual situation. Alatorre purchased a patent from vania Co. for $1, 741, 100 on lanuary 1 2012. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2022. During 2014, Alatorre determined that the economic benefits not last longer than 5 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, 2014? The amount to be reported Alatorre bought a franchise from Alexander Co. on January 1, 2013, for $394, 700. The carrying amount of the franchise on Alexander's books on January 1, 2013, was $490, 100. The franchise agreement had an estimated useful life of 30 yea must enter a competitive bidding at the end of 2015, it is unlikely that the franchise will be retained beyond 2022. What amount should be amontized for the year ended December 3 2014? The amount to be amortized On January 1, 2014, Alatorre incurred organization costs of $255, 400. What amount of organization expense should be ported in 2014? The amount to be reported Alatorre purchased the license for distribution of a popular consumer product on January 1, 2014, for $126, 500. 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 nominal fee, Alatorre can renew the license indefinitely for successive 5-Ycar terms. What amount should be amontized for the year ended December? The amount to be amortized