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Req 1, 2, 3A, 3B

Bluestone Company had three intang ble assets at the end of the current year: a. A patent purchased this year from Miller Company on January 1 for a cash cost of $4,000. When purchased, the patent had an estimated life of 10 years. b. A trademark was reglstered with the federal govemment for \$8,500. Manogement estimated that the trademark could be worth os much as $210,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $80.000. The rights are expected to have a five-year usefur ufe to the company. Required: 1. Compute the acquisition cost of each intangible asset. 2. Compute the amortization of each intangible for the current year ended December 31 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. Complete this question by entering your answers in the Compute the acquisition cost of each intangible asset. Complete this question by entering your answers in th Compute the amortization of each intangible for the current ye calculations.) Show how these assets and any related expenses should be rep Show how these assets and any related expenses should be reported on the balance sheet for the current year. (Deductions should be indicated by a minus sign.)