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Record the journal entry to record amortization

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Question - On September 30, 2020, Morgan, Inc., acquired all of the outstanding common stock of Pathways, Inc., for $100 million. In addition to tangible assets, Morgan recorded the following assets as a result of the acquisition:

Patent $6 million

Developed technology 3 million

In-process research & development 2 million

Goodwill 7 million

Morgan's policy is to amortize intangible assets using the straight-line method, no residual value and a six-year useful life.

Required - Record the journal entry to record amortization of the above intangible assets. Please provide explanation so that i understand how to do it along with solution.

Reference no: EM132783247

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