Orbit Inc. purchased Planet Co. on January 1, 2015. At that time an existing patent having a 5-year estimated life was antiqued a provisional value of 510.000 mal goodwill was assigned a value of $100,000. By the end of fiscal year 2015, better information was available that indicated the fait value of the patient was 530,000 How should intangible assets be reported at the beginning of fiscal year 2016? 

Goodwill 584,000     Patent S16,000 

Goodwill $90,000     Patent $20.000 

Goodwill $90,000     Patent S16,000

Goodwill S100.000   Patent $10,000 

Answer rating: 100% (QA)

ANSWER Answer is B Goodwill value will be 90000 paten... View the full answer