Selected information for the Blossom Company is presented below. 

Answer the questions that are asked about each of the factual situations. 

1. Blossom purchased a patent from Vania Co. for $1,320,000 on January 1, 2015. The patent is amortized over its remaining 10-year legal life, which expires on January 1, 2025. During 2017, Blossom determined that the economic benefits of the patent would not last more than 6 years from the date of acquisition. What amount must be reported in the patent balance sheet, net of accumulated amortization, as of December 31, 2017? 

                 Reportable amount $

2. Blossom purchased an Alexander Co. franchise on January 1, 2016 for $305,000. The carrying amount of the franchise on Alexander's books on January 1, 2016 was $455,000. The franchise agreement had an estimated useful life of 30 years. Because Blossom must enter a competitive bid at the end of 2018, it is unlikely that the franchise will be sustained beyond 2025. What amount must be amortized for the year ending December 31, 2017?

                  The amount to be amortized $

3. On January 1, 2017, Blossom incurred organization costs of $252,500. What amount of organizational expenses must be reported in 2017?   

                 Amount to be reported $

4. Blossom purchased the license for the distribution of a popular consumer product on January 1, 2017 for $162,000. This product is expected to generate cash flows indefinitely. The license has an initial term of 5 years, but upon payment of a nominal fee, Blossom may renew the license indefinitely for successive terms of 5 years. What amount must be amortized for the year ended December 31, 2017? 

               The amount to repay $