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 $1,600. When purchased, the patent had an estimated life of 8 years.

b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $240,000 because it has an indefinite life.

c. Computer licensing rights were purchased this year on January 1 for $42,000. The rights are expected to have a six-year useful life to the company.

1. Compute the acquisition cost of each intangible asset(acquistion cost) Patent- Trademark- Licensing- 2. Compute the amortization of each intangible for the current year ended December 31(amortiztion expenses) Patent- Trademark- Licensing Rights- 3. Show how these assets and any related expenses should be reported on the balance sheet and income statemen for current year. Income Statement(partial) for year ending december 31. 4. balance sheet partial at december 31(Intagibles) patent: trademark: Licensing Rights