Computing Impairment of Intangible Assets

Stiller Company had the following information for its three intangible assets.

Patent: A patent was purchased for $$160,000$ on June $30$ of Year $1$; Stiller estimated the useful life of the patent to be $15$ years. On December $31$ of Year $3,$ the estimated future cash flows attributed to the patent were $$136,000.$ The fair value of the patent was $$120,000.$

Trademark: A trademark was purchased for $$8,000$ on August $31$ of Year $2.$ The trademark is considered to have an indefinite life. The fair value of the trademark on December $31$ of Year $3$ is $$4,000.$

$3.$ Goodwill: Stiller recorded goodwill in January of Year $2,$ related to a purchase of another company. The carrying value of goodwill is $$48,000$ on December $31$ of Year $3.$ On December $31$ of Year $3,$ the segment for which the goodwill relates had a fair value of $$928,000.$ The book value of the net assets of the segment $($including goodwill$)$ is $$960,000.$

a$.$ Classify each of the intangible assets above as a finite life intangible or an indefinite life intangible.

$\backslash$table$[[$Patent$,$Finite life intangible ${?}^{}$