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Compute the annual amortization expense for these items

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Reference no: EM132842339

Question - 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 $35,500

Goodwill 40,600

Dynamo's financial condition just prior to the acquisition of these assets is shown in Required B.

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.

Reference no: EM132842339

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