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 $9,300. When purchased, the patent had an estimated life of 15 years. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. Computer licensing rights were purchased this year on January 1 for $60,000. The rights are expected to have a five-year useful life to the company. Required: a. Compute the acquisition cost of each intangible asset. b. Compute the amortization of each intangible for the current year ended December 31. c. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year.

Knight company reports the following costs and expenses in may. factory utilities $17,400 direct labor $70,300 depreciation on factory equipment 13,850 sales salaries 46,700 depreciation on delivery trucks 3,900 property taxes on factory building 3,100 indirect factory labor 53,700 repairs to office equipment 1,500 indirect materials 84,200 factory repairs 2,220 direct materials used 137,700 advertising 15,900 factory manager’s salary 8,700 office supplies used 2,770 from the information: your answer is incorrect. try again. determine the total amount of manufacturing overhead. manufacturing overhead $ 173050 link to text your answer is incorrect. try again. determine the total amount of product costs. product costs $ 208000 link to text your answer is incorrect. try again. determine the total amount of period costs. period costs $ 66870 click if you would like to show work for this question: open show work