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

$$32,600$

$37,400$

Required:

a$.$ Compute the annual amortization expense for these items.

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

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Compute the annual amortization expense for these items.

Amortization expense

per year