E8-20 LO8-6 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets Trotman Company had three intangible assets at the end of 2016 (end of the accounting year): a. Computer software and Web development technology purchased on January 1, 2015, for $70,000. The technology is expected to have a four-year useful life to the company 438 CHAPTER 8 Reparting and Interpreting Property, Plant. and Equipment Intangibles: and Natural Resourcs b. A patent purchased from Ian Zimmer on January 1, 2016, for a cash cost of $6,000. Zimmer had reg- istered the patent with the U.S. Patent and Trademark Office five years ago. c. A trademark purchased for $13,000 on November 1, 2016. Management decided the trademark has an indefinite life. Required 1. Compute the acquisition cost of each intangible asset 2. Compute the amortization of each intangible at December 31, 2016. The company does not use contra-accounts 3. Show how these assets and any related expenses should be reporied on the balance sheet and income statement for 2016