Reference no: EM13928391

Electronic 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 .......$35,000
Goodwill ........................$25,000

Electronics financial condition just prior to the acquisition of these assets is shown in the following statements model:

Required: 

a. Compute the annual amortization expense for these items. 

b. Record the acquisition of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown above. 

c. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year 1.