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 $36,400 41,000 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 + Assets Patent NA Cash 90,300 + Goodwill NA + + NA + 90,300 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 Flow column, use the 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. Enter any decreases to account balances with a minus sign.) Show less DYNAMO MANUFACTURING Statements Model Assets = Liabilities + Equity Revenue Expenses Net Income Cash Flow Patent + Goodwill + Cash + 90,300 + + 90,300 - NA + Acquisition Amortization Required A Required B Required C Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B > Record cash paid to acquire the assets of an existing company. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet A B Record amortization expenses for patents. Note: Enter debits before credits. General Journal Debit Credit Event 2. Record entry Clear entry View general journal