Bluestone Company had three intangible assets at the end of the current year:

a$.$ A patent purchased this year from Miller Company on January $1$ for a cash cost of $$3,200.$ When purchased, the patent had an estimated life of $16$ years.

b$.$ A trademark was registered with the federal government for $$7,500.$ Management estimated that the trademark could be worth as much as $$190,000$ because it has an indefinite life.

c$.$ Computer licensing rights were purchased this year on January $1$ for $$70,000.$ The rights are expected to have a five$-$year useful life to the company.

Required:

Compute the acquisition cost of each intangible asset.

Compute the amortization of each intangible for the current year ended December $31.$

Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year.

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Req $3$B

Compute the acquisition cost of each intangible asset.

$\backslash$table$[[,$Acquisition Cost$],[$Patent$,],[$Trademark$,],[$Licensing Rights,$]]$

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