Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:

Patent with 4 remaining years of legal life	$ 33,900
Goodwill	43,700

Required:

Compute the annual amortization expense for these items.

Record the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model.

Complete this question by entering your answers in the tabs below. Compute the annual amortization expense for these items. Record the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Enter any dec outflows with a minus sign. Not all cells require input. Round final answers to the nearest whole dollar amount