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Application Problem 8-16A a-b Red Bear Ltd. purchased several intangible assets, as follows: Asset Asset Purchase Cost $79,000 62,700 Purchase Cost $157,000 280,000 Licence Customer list Patent Copyright The following information is also available: . In addition to the costs listed above, there were legal fees of $10,800 associated with the licence acquisitions. The licences are valid in perpetuity, and sales of the products produced under the licences have been strong and are expected to continue at the same level for many decades. The customer lists are expected to be useful for the next six years. The patent has a legal life of 20 years, but technological changes are expected to render it worthless after about 8 years. The copyright is good for another 40 years, but nearly all the related sales are expected to occur during the next 10 years. Your answer is partially correct. Try again. Calculate the annual amortization expense, if any, that should be recorded for each of these intangible assets, assuming the straight-line method is appropriate. (Do not leave any answer field blank. Enter o for amounts.) Asset Annual amortization expense Licences d 89800 0 Customer list 10450 0 Patents 19625 0 Copyrights 28000 0 Your answer is partially correct. Try again. Show how the intangible assets section of the statement of financial position would be presented four years after acquisition of these assets, assuming that there has been no evidence that their values have been impaired. Assume that a full year of amortization was taken in the year of acquisition. Intangible assets, at cost less accumulated amortization Copyrights 280,000 Patents 157,000 Customer Lists 62,700 Licences 89800 Total intangible assets 589500