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Question - On October 1, 2020, Advanced Binus Circuits, Inc., completed the purchase of Sunib Corporation for $200 million. Included in the allocation of the purchase price were the following identifiable intangible assets ($ in millions), along with the fair values and estimated useful lives:
Intangible Asset
Fair value
Useful Life (in years)
Paten
$10
5
Developed technology
50
4
Customer list
10
2
In addition, the fair value of acquired tangible assets was $100 million. Goodwill was valued at $30 million. Straight-line amortization is used for all purchased intangibles.
During 2020, Advanced finished work on a software development project. Development costs incurred after technological feasibility was achieved and before the product release date totaled $2 million. The software was available for release to the general public on September 29, 2021. At that time, the company estimates that the software will generate total revenue of $40 million over four years. For the final three months of 2021, revenue from the sale of the software was $4 million.
Required - Compute amortization for purchased intangibles and software development costs for 2020.
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