Sparky, Inc. has two intangible assets on their balance sheet. The following information discloses when each asset was acquired, the estimated life, and original cost. Based on this information, determine which of the following statements is true as of December 31, 20x7. Patent Goodwill Cost $60,000 $120,000 Date of purchase 7/1/X3 1/1/x1 Useful Life 12 years 60 years Legal life 20 years undefined Amortization expense for Goodwill would be recorded as $6,000 for the year ended December 31, 20x7. The book value of the Patent would be reported on the balance sheet dated December 31, 20x7 as $37,500. Amortization expense for the Patent would be recorded as $3,000 for the year ended December 31, 20x7. The book value of Goodwill would be reported on the balance sheet dated December 31, 20x7 as $106,000