Orbit IncPurchased Planet Co $\quad$ $\quad$ Patent $0
B)?Goodwill $100,000

Multiple Choice

Orbit Inc.purchased Planet Co.on January 1, 2016.At that time an existing patent having a 5-year life was not recorded as a separately identified intangible asset.At the end of fiscal year 2015, it is determined the patent is valued at $20,000, and goodwill has a book value of $100,000.How should intangible assets be reported at the beginning of fiscal year 2016??

A) ?Goodwill $100,000 $\quad$$\quad$ Patent $0
B) ?Goodwill $100,000 $\quad$$\quad$ Patent $20,000
C) ?Goodwill $80,000 $\quad$$\quad$ Patent $20,000
D) ?Goodwill $80,000 $\quad$$\quad$ Patent $16,000