Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:
Patent with 4 remaining years of legal life $ 35,700
Goodwill 43,600
Required Compute the annual amortization expense for these items.
Record the acquisition of the intangible assets and the related amortization expense for year 1 in a horizontal statements model shown below.
Homework Answers
| a | Yearly amortization amount = $35,700/4 years = $8,925 | ||||||||
| b | Cash | Patent | Goodwill | Liabilities | Equity | Revenue | Expenses | Net Income | Cash Flows |
| -$79,300 | $35,700 | $43,600 | - | - | - | - | - | -$79,300 | |
| - | -$8,925 | - | - | -$8,925 | - | -$8,925 | -$8,925 | - | |
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