Reference no: EM132615365

Bluestone Company had three intangible assets at the end of the current year:

1. A patent purchased this year from Miller Co. on January 1 for a cash cost of $4,000. When purchased, the patent had an estimated life of 10 years.
2. A trademark was registered with the federal government for $11,000. Management estimated that the trademark could be worth as much as $260,000 because it has an indefinite life.
3. Computer licensing rights were purchased this year on January 1 for $36,000. The rights are expected to have a four-year useful life to the company.

How do complete the following:

Question 1: The acquisition cost of intangible assets patent, trademark, and licensing right.

Question 2: The amortization of each intangible for the current year ended December 31 - patent, trademark, and licensing right.

Question 3: How these assets and any related expenses should be reported on the income statement for the current year.

Question 4: How the intangible assets and any related expenses should be reported on the balance sheet for the current year.