Lab 9 Chapter 90 2 A Seved Kreiser Company had three intangible assets at the end of 2020 (end of the accounting year) a. A patent was purchased from J. Miller on January 1, 2020, for a cash cost of $5,640. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c On January 1, 2020, computer licensing rights were purchased for $60,000. The rights are expected to have a four-year useful life to the company Required 1. Compute the acquisition cost each intangible asset, Acquisition cost Paler Trademark Licensing rights 2. Compute the amortization of each intangible for the year ended December 31, 2020. Amortization expense Patent Licensing rights 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2020 Partial Income Statement for 2020 Amortization experse 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2020. Partial Income Statement for 2020: Amortization expense Partial Balance Sheet at December 31, 2020: Intangibles: Total Intangibles $