Goodwill 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 $40,400 41,900 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model Balance Sheet Income Statement Stockholders of Cash Cash - Liabilities Equity 97,500 Assets Statement + Patent NA 97,800 Goodwill NA + + NA + Revenue NA Expenses NA - Net Income NA Flows 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 B Required Compute the annual amortization expense for these items. Patent per year Require Required B > Cash 97.500 . Patent NA Gindult Stockholders Equity . 17,600 ST of Cash Raven NA Expenses Inc 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 in a horizontal statements model c. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for yeart Complete this question by entering your answers in the tabs below. Required Required Required Show the acquisition of the intangible assets and the related amortization expense for Year 1 in a hortional statements model in the Statement of Cashows column whicle OA designate operating activity, LA for investing activity, and FA for Finanding activity Love bank to indicate that an element is not affected by the event. Enter anderen account balance and cash outflows with a minus sign. Round final answers to the nearest whole dollar amount. DYNAMO MANUFACTURING Horizontal Statement Model Balance Sheet Income Statement Event Ats Pater State of Cash Flows Liabilities Expenses Net Income Goodwill Stockholderslev Equity 97.800 Cash 97800 Acquisition Amortization (Required A Required C> Required A Required B Required 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 joumal entry required in the first account field. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet A B Record cash paid to acquire the assets of an existing company. Nate Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal W. Required A Required B Required 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. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet B Record amortization expenses for patents. Note: Enter debits before credits General Journal Debit Credit Event 2 Record entry Clear entry View general journal
