Q Bing X D2L Chapter 9 Lab (24F) - 24F --Fina x WP Question 6 of 7 - Chapter 9 Lab X + X G go education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=7f3fe45c-d2b6-4681-b402-6404e97d7234#/question/5 K Chapter 9 Lab (24F) Question 6 of 7 - /15 5 Blossom Company has a December 31 fiscal year end. om Company for two inder situations as at December 31, 2024: 1. Blossom purchased a patent from Kingbird Inc. for $510,000 on January 1, 2021. The patent expires on January 1, 2029. Blossom has been amortizing it over its legal life. During 2024, Blossom determined that the patent's economic benefits would not last longer than six years from the date of acquisition 2. Blossom has a trademark that had been purchased in 2017 for $280,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $295,000. (a) For each of these assets, determine the amount that will be reported on Blossom's December 31, 2023 and 2024, balance sheets. (Round answers to O decimal places, e.g. 5,276.) December 31, 2023 December 31, 2024 Patent $ Trademark $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer b For each of these assets, determine what, if anything, will be recorded on Blossom's 2024 income statement. Be specific about the account name and the amount. (Round answers to O decimal places, e.g. 5,276.) Blossom Company Income Statement (Partial) v e Textbook and Media List of Accounts 1 Upcoming ENG 9:14 Earnings Q Search O CMS 4 December