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Problem - Various Intangible Assets Barnum Company acquired several small companies at the end of 2018, and based on the acquisitions, reported the following intangible assets on its December 31, 2018, balance sheet:
Patent $20,000
Trade name 35,000
Internet domain name 10,000
Goodwill 90,000
The company's accountant determines the patent has an expected life of 10 years and no expected residual value, and it will generate approximately equal benefits each year. The company expects to use the trade name for the foreseeable future. The company plans to continue to use the Internet domain name of the smaller companies until it can integrate the companies into its existing operations. This procedure is expected to take 4 years.
Required -
1. How much amortization expense should the company recognize on each intangible asset in 2019?
2. What is the justification of the accounting treatment of these costs?
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