Orbit IncPurchased Planet Co $\quad$ Patent $10,000
B)?Goodwill $90,000 $\quad$

Multiple Choice

Orbit Inc.purchased Planet Co.on January 1, 2015.At that time an existing patent having a 5-year estimated life was assigned a provisional value of $10,000 and goodwill was assigned a value of $100,000.By the end of fiscal year 2015, better information was available that indicated the fair value of the patent was $20,000.How should intangible assets be reported at the beginning of fiscal year 2016??

A) ?Goodwill $100,000 $\quad$ Patent $10,000
B) ?Goodwill $90,000 $\quad$$\quad$ Patent $16,000
C) ?Goodwill $84,000 $\quad$$\quad$ Patent $16,000
D) ?Goodwill $90,000 $\quad$$\quad$ Patent $20,000