Required information Skip to question [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: On January 1, purchased a patent for $45,000 cash (estimated useful life, ten years). On January 1, purchased another business for $162,000 cash, including $13,000 for goodwill. The assets included accounts receivable with a fair value of $13,000 and property and equipment with a fair value of $136,000 (with a residual value of $14,280 and estimated useful life of 10 years). The company assumed no liabilities. Goodwill has an indefinite life. On December 31, constructed a storage shed on land leased from D. Heald. The cost of the shed was