Computing the Carrying Value of Intangibles On January 3, 2020, Munn and Cody entered into a noncompetition agreement in connection with Munn's purchase of a trademark from Cody. Munn paid Cody $800,000, of which 75% related to the trademark and 25% reflected Cody's agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be indefinite. Determine Munn's carrying value of the trademark and noncompete agreement on December 31, 2020. Assume no impairment loss was recognized on the intangibles in prior periods. Carrying value of trademark, Dec. 31, 2020 $ 0 Carrying value of noncompete agreement, Dec. 31, 2020 $ 0 Check