b. 13 Core Telecom purchased Surley Wireless Enterprises for $600,000 cash plus a $900,000 note payable. Surley's book value of assets was $1,200,000. Surley's market value of assets and liabilities was $1,800,000 and $650,000, respectively. Paid $700,000 to acquire a patent. Core believes the patent's useful life will be 10 years. Paid $940,000 for the trademark, "Faster than Fast," with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark. 1: Paid $700,000 to acquire a patent. Core believes the patent's useful life will be 10 years