Trotman Company had three intangible assets at the end of 2016 (end of the accounting year): a. Computer software and Web development technology purchased on January 1, 2015, for $71,000. The technology is expected to have a four-year useful life to the company. b. A patent purchased from Ian Zimmer on January 1, 2016, for a cash cost of $27,000. Zimmer had registered the patent with the U.S. Patent Office five years ago. c. A trademark purchased for $29,000 on November 1, 2016. Management decided the trademark has an indefinite life.
Show transcribed image text Required: 1. Compute the acquisition cost of each intangible asset Acquisition Cost Technology Patent Trademark