assets. (Assume that any amortization for 2021 has been recorded.) Show supporting compu- (Comprehensive Intangible Assets) Montana Matt's Golf Inc. p12.5 (LO 1, 2, 3, 4) Excel copyright on some instructional books with a fair value of $24,000. The trade name has a remaining ole of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life Instructions Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old instructional business into his golf equipment and accessory stores. Magilke paid $770,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $650,000 and liabilities of $200,000 (thus owners' equity was $450,000). The fair value of Old Master's assets is estimated to be $800,000. Included in the assets is the Old Master trade name with a fair value of $10,000 and a Prepare the journal entries required, if any, to record impairments on Montana Matt's intangible of 40 years. 2. Prepare the intangible assets section of Montana Matt's Golf Inc. at December 31, 2019. How much amortization expense is included in Montana Matt's income for the year ended December 31, 2019? Show all supporting computations. b. Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets sec- tion of Montana Matt's Golf Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) c. At the end of 2021, Magilke is evaluating the results of the instructional buss. Det bere competition from online and television (e.g., the Golf Channel), the Old Master Reporting at hus been losing money. Its book value is now $500,000. The fair value of the Old Master reporting unit is $420,000. Magilke has collected the following information related to the company's intangible Fair Values Intangible Asset $ 3,000 Trade names 25,000 Copyrights assets. Expected Cash Flows (undiscounted) $ 9,000 30,000 tations, Irisht Tool Company purchased a tion of