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 $3,200. When purchased, the patent had an estimated life of 8 years. b. A trademark was registered with the federal government for $6,000. Management estimated that the trademark could be worth as much as $160,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $66,000. The rights are expected to have a six-year useful life to the company.

1. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. a. Amortization expense $_______

2.. BLUESTONE COMPANY Balance sheet (partial) At December 31

Intangibles:

Patent $_________

Licensing Rights $_________

Trademark$_________