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Why do I get part three wrong? :( Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased
Why do I get part three wrong? :(
Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $3,200. When purchased the patent had an estimated life of 8 years b. A trademark was registered with the federal government for $6,000. Management estimated that the trademark could be worth as much as $160,000 because it has an indefinite life c. Computer licensing rights were purchased this year on January 1 for $66,000. The rights are expected to have a six-year useful life to the company Required 1. Compute the acquisition cost of each intangible asset Acquisition Cost 3.200 Patent Trademark Licensing Rights 66, 000 2. Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.) mortization Expenses Patent Trademark Licensing Rights $ 400 11.000Step by Step Solution
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