Bluestone Copany had three intangible assets at the end of the curre.docx
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Bluestone Company acquired a patent from Miller Co. for $9,300, with a 15-year estimated life. The document requires computing the acquisition cost and amortization for the patent for the current year, as well as how to report these assets and related expenses in the financial statements. The specific computations and reporting details are needed for balance sheet and income statement presentation.
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Bluestone Copany had three intangible assets at the end of the curre.docx
- 1. Bluestone Copany had three intangible assets at the end of the current year: A patent purchased this year from miller Co. on January 1 for a cash cost of $9,300. When purchased, the patent had an estimated life of 15 years 1. Compute the acquisition cost of each intangible asset? 2. Compute the amortization of each intangible for the current year ended December 31? 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year?