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E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO6] Kreiser Company had three intangible assets at the end of 2010
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO6] Kreiser Company had three intangible assets at the end of 2010 (end of the accounting year): a. A patent purchased from J. Miller on January 1, 2010, for a cash cost of $6,900. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $11,200. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c. Computer licensing rights were purchased on January 1, 2010, for $51,000. The rights are expected to have a four-year useful life to the company. Requirement 1: Compute the acquisition cost of each intangible asset
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