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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
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 lite $38,100 Goodwill 37,900 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model Balance Sheet Income Statement Assets Statement Net of Cash Cash + Stockholders' Patent + Goodwill - Liabilities + Equity Revenue Expenses Income Flows 96,800 NA NA NA 96,800 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. 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 Required Compute the annual amortization expense for these items. Patent per year KA Required >
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