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 Goodwill $30,500 43,800 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model: Liab. + Equity Rev. Exp. = Net Inc. Cash Flow Cash 86,400 + + Assets Patent NA + + Goodwill NA = NA + 86,400 NA NA NA NA Required: a. Compute the annual amortization expense for these items. b. Show the acquisition of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown earlier. c. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the annual amortization expense for these items. Patent per year Required A Required B Required C Show the acquisition of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown earlier. (In the Cash Flo initials OA to designate operating activity, IA for investing activity, FA for financing activity, NC for Net Change and NA to indicate the element is not affected by the event. account balances with a minus sign.) DYNAMO MANUFACTURING Statements Model Assets = Liabilities + Equity Revenue - Expenses Il Net Income Cash Flow Cash + Patent + Goodwill + IIII 86,400 + + + 86,400 NA + = + = Acquisition Amortization + + + + + = + + entry worksheet Record cash paid to acquire the assets of an existing company. Note: Enter debits before credits. Event General Journal Debit Credit 1