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

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

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.

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.