ANSWER
Purchase price | 770,000 | |
Fair value of assets | 800,000 | |
Less: Fair value of liabilities | 210,000 | |
Fair value of net assets | 590,000 | |
Goodwill | 180,000 | |
A | ||
Intangibles Section of Balance Sheet | ||
December 31, 2019 | ||
Goodwill | 180,000 | |
Copyrights | 42660 | =43200-540 |
Trade Names | 12000 | |
Total Intangible Assets | 234,660 | |
B | ||
Amortization expense | 540 | =43200/40*6/12 |
C JOURNAL ENTRY | ||
Amortization expense | 1080 | |
Copyrights(43200/40) | 1080 |
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