Ivanhoe Ltd. purchased several intangible assets, as follows: Asset Purchase Cost Asset Purchase Cost Licences $85,000 Patent $170,000 Customer lists 62,400 Copyright 278,000 The following information is also available: In addition to the costs listed above, there were legal fees of $13,400 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.