Hi,

Your Website already have this problem, BUT, the answer for GOODWILL not $6,000 BECAUSE I entered $6,000, the computer answered WRONG.

Patent = $2,000 CORRECT

Trade name = 0 CORRECT

Internet Domain name = $2,500 CORRECT

BUT

Goodwill = $6,000 WRONG,

So please give me the RIGHT NUMBER. Thank you!

Barnum Company acquired several small companies at the end of 2015, and based on the acquisitions, reported the following intangible assets on its December 31, 2015, balance sheet: Patent $20,000 Trade name 35,000 Internet domain name 10,000 Goodwill 90,000 The company's accountant determines the patent has an expected life of 10 years and no expected residual value, and it will generate approximately equal benefits each year. The company expects to use the trade name for the foreseeable future. The company plans to continue to use the Internet domain name of the smaller companies until it can integrate the companies into its existing operations. This procedure is expected to take 4 years. Required: How much amortization expense should the company recognize on each intangible asset in 2016? If an amount is zero, enter "0".

Patent $

Trade name $

Internet domain name $

Goodwill $