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Bluestone Company had three intangible assets at the end of the current year: ?? a. A patent purchased this year from??Miller Co. on…

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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 $4,000. When purchased, the patent had an estimated life of 10 years.

b.

A trademark was registered with the federal government for $8,500. Management estimated that the trademark could be worth as 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 useful life to the company.

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