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1 Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January

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1 Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $4.000. When purchased the patent had on estimated life of 10 years b. A trademark was registered with the federal government for $8,500. Management estimated that the trademark could be worth as much as $210,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $80,000. The rights are expected to have a five-year useful life to the company Required: 1. Compute the acquisition cost of each intangible asset 2. Compute the amortization of each intangible for the current year ended December 31 3. Show How these assets and any related expenses should be reported on the balance sheet and income statement for the current year ints Complete this question by entering your answers in the tabs below. eBook Print Reg 1 Reg 2 Req Reg 38 References Compute the acquisition cost of each intangible asset. Acquisition Cost Patent Trademark Licensing Rights KR1 Reg 2 > Complete this question by entering your answers in the tabs below. eBook Print References Reg 1 Reg 2 Reg 3A Reg 38 Compute the amortization of each intangible for the current year ended December 31. (Do not round Intermediate calculations.) Amortization Expanses Patent Trademark Licensing Rights ( Req1 Reg 3A > ts Complete this question by entering your answers in the tabs below. eBook Print Req1 Reg 2 peg Reg 38 Leferences Show how these assets and any related expenses should be reported on the income statement for the current year. BLUESTONE COMPANY Income Statement (partial) For the year onding December 31 Complete this question by entering your answers in the tabs below. Sook erences Reg 1 Req 2 Req 3A Reh 3B Show how these assets and any related expenses should be reported on the balance sheet for the current year. (Negative amounts should be indicated by a minus sign.) BLUESTONE COMPANY Balance sheet (partial) At December 31 Intangibles: A 29 atv

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