8. value: 10.00 points E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] 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 $2,700. When purchased, the patent had an estimated life of 9 years. b. A trademark was registered with the federal government for S5,500. Management estimated that the c. Computer licensing rights were purchased this year on January 1 for $50,000. The rights are expected to have a five-year useful life to the company. Required 1. Compute the acquisition cost of each intangible asset. Acquisition Cost Patent Licensing Rights 2. Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.) Amortization Expenses Patent Licensing Rights 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. BLUESTONE COMPANY Income Statement (partial) For the year ending 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. BLUESTONE COMPANY Income Statement (partial) For the year ending December 31 BLUESTONE COMPANY Balance sheet (partial) At December 31 Intangibles