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In 2020, Madden Inc. purchased a number of intangible assets from a competitor who was in bankruptcy. Madden acquired the following assets: Asset Purchase

In 2020, Madden Inc. purchased a number of intangible assets from a competitor who was in bankruptcy. Madden acquired the following assets: Asset Purchase Cost Trademark $136,000 Customer list 214,000 Patent 355,200 The following information is also available:

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