m 3 ACCT-3220-02 - Spring 2024 Semester 5. Lakewood Enterprises has amortized a trademark on a straight-line basis since it was acquired at the beginning of 2020 at a cost of $40 million. During 2024, management decided that the benefits life being used previously. Lakewood's 2024 financial statements should include a Patent Balance from the trademark would be received over a total period of 10 years gather than the 15 Year useful