Solution-Compute the annual amortization expense for these

Compute the annual amortization expense for these items

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Reference no: EM13928898

Pacart Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:

Patent with 5 remaining years of legal life ......$48,000
Goodwill ....................$35,000
Pacart's financial condition just prior to the purchase of these assets is shown in the following statements model:

Required:

a. Compute the annual amortization expense for these items if applicable.

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

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

Reference no: EM13928898

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Compute the annual amortization expense for these items

Reference no: EM13928898

Reference no: EM13928898

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