Information Concerning Santori Corporation's Intangible Assets Is as Follows

Essay

Information concerning Santori Corporation's intangible assets is as follows:
Santori incurred $352,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2,2014.Legal fees and other costs associated with registration of the patent totaled $65,600.Thomas estimates that the useful life of the patent will be eight years.
A second patent was purchased from Lowman Company for $160,000 on July 1,2011.Expenditures for successful litigation in defense of this patent totaling $40,000 were paid on July 1,2014.Thomas estimates that the useful life of the patent will be 20 years from the date of acquisition.
Prepare a schedule showing the intangible assets section of Santori's balance sheet at December 31,2014.