Intangibles: Balance Sheet Presentation and Income Statement Effects Barb Company has provided information on intangible assets as follows: 1. A patent was purchased from Lou Company for $1,500,000 on January 1, 2015. Barb estimated the remaining useful life of the patent to be 10 years. The patent was carried in Lou's accounting records at a net book value of $1,250,000 when Lou sold it to Barb.
2. During 2016, a franchise was purchased from Rink Company for $500,000. In addition, 5% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2016 was $2,000,000. Barb estimates the useful life of the franchise to be 10 years and takes a full year’s amortization in the year of purchase.
3. On January 1, 2013, Barb estimates, based on new events, that the remaining life of the patent purchased on January 1, 2012, is only 5 years from January 1, 2013.
Required:
1. Prepare a schedule showing the intangibles section of Barb’s balance sheet at December 31, 2013. Show supporting computations.
2. Prepare a schedule showing the income statement effects for the year ended December 31, 2013, as a result of the previously mentioned facts. Show supporting computations.

1. revising for conciseness - eliminating flabby expressions, limiting long lead-ins, and dropping unnecessary fillerstime is money in any business environment. people want information communicated quickly and clearly. to make your writing more concise and understandable, avoid flabby expressions, long lead-ins, and unnecessary fillers. your audience will appreciate your brevity.1. if your writing contains a flabby expression like in view of the fact that, replace it with the word because / although / probably .for each of the following two sentences, choose the best revision.2. i am sending you this letter to inform you that we have experienced an unexpected surprise within our expense sheet, but we are positively certain we will solve it.1) we need to inform you that we have experienced an unexpected surprise with our expense sheet, but we are midway to an end result.2) we have identified a problem with our expense sheet, but we will solve it.3) i am sending you this letter to inform you that we have a problem with our expense sheet, but we are positively certain we have a solution.3. it is the user who should contact the center.1) everyone knows that it is the user who should contact the center.2) the user should contact the center.3) if there is a problem, the user should contact the center. read the following passage, and then answer the question.[1] you scheduled seven conference calls for this morning between 10 and 11 a. m. [2] generally, the company limits the number of conference calls to three per hour. [3] i’m letting you know that in the future, we should be more careful about scheduling.4. which revision limits the long lead-in in sentence 3? 1) in the future, we should be more careful about scheduling.2) i’m letting you know so that in the future we are more careful about scheduling calls.3) so that you know in the future, we should be more careful about scheduling.