Whiteway Company has a December 31 fiscal year end. Selected information follows for Whiteway Company for three independent situations as at December 3, 2014:

1. Whiteway purchased a patent from Hopkins Inc. for $400,000 on January 1, 2011. The patent expires on January 1, 2019. Whiteway has been amortizing it over its legal life. During 2014, Whiteway determined that the patent's economic benefits would not last longer than six years from the date of acquisition.

2. Whiteway has a trademark that had been purchased in 2010 for $250,000. During 2013, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2014, it was assessed for impairment and the recoverable amount was determined to be $275,000.

3. In 2012, Whiteway purchased another business and paid $70,000 in excess of the fair value of the net identifiable assets of that business. This goodwill was assessed for impairment as at December 31, 2013, and December 31, 2014. The recoverable amount was determined to be $55,000 at December 31, 2013, and $80,000 at December 31, 2014.

Instructions

(a) For each of these assets, determine the amount that will be reported on Whiteway's December 31, 2013 and 2014, balance sheets.

(b) For each of these assets, determine what, if anything will be recorded on Whiteway's 2014 income statement. Be specific about the account name and the amount.