7 The Lionell Company acquired several small companies at the end of the year. Based on the acquisition, the company reported the following intangible assets on its December 31, 2017 balance sheet: $ Patent Tradename Goodwill 35,000 40,000 125,000 a. The company's accountant determined the patent has an expected life of 10 years and no expected residual value and that it will generate approximately equal benefits each year. The company expects to use the tradename for the foreseeable future. 2017? Patent: 7 The Lionell Company acquired several small companies at the end of the year. Based on the acquisition, the company reported the following intangible assets on its December 31, 2017 balance sheet: $ Patent Tradename Goodwill 35,000 40,000 125,000 a. The company's accountant determined the patent has an expected life of 10 years and no expected residual value and that it will generate approximately equal benefits each year. The company expects to use the tradename for the foreseeable future. 2017? Patent