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$37,300 Goodwill Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model Assets -Liab. Equity Rev Exp. Net Inc. Cash Flow Cash+Patent+Goodwill 94,900 + NA + NA NA + 94,900 NA - NA NA NA Required a. Compute the annual amortization expense for these items. Patent per year b. Record the acquisition of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown above. (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.) DYNAMO MANUFACTURING Statements Model Net Income Assets =Liabilities + Equity Revenue-Expenses= Cash Flow Cash Patent -Goodwill 94,900+ 94.900 - NA Acquisition Amortization 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 Import a new list Record cash paid to acquire the assets of an existing company 1 2 Record amortization expenses for patents. Credit