In 2020, Madden Inc. purchased a number of intangible assets from a competitor who was in bankruptcy. Madden acquired the following assets: Asset Purchase Cost Trademark $147,000 Customer list 229,000 Patent 360,600 The following information is also available: The trademark is renewable every 15 years in perpetuity, and Madden's management believe that the trademark will continue to have recognized value for many decades. The customer lists are expected to be useful for the next five years. The patent has a remaining legal life of 15 years, but Madden's management expect that technological changes will render it worthless after about six years.