Blue Enterpriseshasa December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-fe Intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2020 and 2021 2020 Jan. 9 May 15 Dec 31 Dec 31 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45.000 cash Purchased another company and recorded goodwill of $460.000 as part of the purchase Recorded adjusting entries as required for amortization Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were 540.000 and $414,000, respectively 2021 Jan 2 Mar. 31 Apr. 1 July 1 Dec. 31 Incurred legal fees of $22,000 to successfully defend the patent incurred research costs of $167.000 Purchased a copyright for $54.000 cash. The company expects the copyright will benefit the company for 10 years Purchased a trademark with an indefinite expected life for $230,000 cash Recorded adjusting entries as required for amortization Record the transactions and adjusting entries as required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Show the balance sheet presentation of the intangible assets and goodwill at December 31, 2021. (List Intangible Assets in order of Patents, Copyrights and Trademarks.) Blue Enterprises Balance Sheet (Partial) December 31, 2021 Assets $ $ Blue Enterpriseshasa December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-fe Intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2020 and 2021 2020 Jan. 9 May 15 Dec 31 Dec 31 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45.000 cash Purchased another company and recorded goodwill of $460.000 as part of the purchase Recorded adjusting entries as required for amortization Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were 540.000 and $414,000, respectively 2021 Jan 2 Mar. 31 Apr. 1 July 1 Dec. 31 Incurred legal fees of $22,000 to successfully defend the patent incurred research costs of $167.000 Purchased a copyright for $54.000 cash. The company expects the copyright will benefit the company for 10 years Purchased a trademark with an indefinite expected life for $230,000 cash Recorded adjusting entries as required for amortization Record the transactions and adjusting entries as required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Show the balance sheet presentation of the intangible assets and goodwill at December 31, 2021. (List Intangible Assets in order of Patents, Copyrights and Trademarks.) Blue Enterprises Balance Sheet (Partial) December 31, 2021 Assets $ $
