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6) Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a 5-year service life.
6) Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a 5-year service life. In purchasing 100% of the stock of Crispy Taco restaurant chain in early January, Burger Mania allocates $3 million to a patent and $5 million to goodwill. a) For which intangible asset(s) would Burger Mania record amortization expense? b) What is the total amount of amortization expense that would appear on Burger Mania's income statement for this year? c) What journal entry would Burger Mania make to record this year's amortization expense
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