Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….
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.|