Intangible Assets and Goodwill: Amortization and Impairment In early 2011, Bowen Company acquired a new business unit in a merger. Allocation of the acquisition cost resulted in fair values assigned as follows: Intangible Asset Customer lists Developed technology Fair Value Estimated Value $600,000 6 years 960,000 7,440,000 12 years Indefinite Indefinite Internet domain name 1,560,000 Goodwill* * The goodwill is assigned entirely to the acquired reporting unit. Impairment reviews at the end of 2011 and 2012 did not identify any impairment losses. After the business suffered a downturn during 2013, the year-end impairment review yielded the following information: 1. Customer lists are estimated to have undiscounted future cash flows of $300,000 and discounted future cash flows of $216,000. 2. Developed technology is estimated to have undiscounted future cash flows of $600,000 and discounted future cash flows of $504,000. 3. The internet domain name is estimated to have undiscounted future cash flows of $1,200,000 and discounted future cash flows of $900,000. 4. Because of the economic downturn, Bowen bypassed qualitative assessment of the business unit. The acquired reporting unit has a fair value of $20,400,000, and a book value of $22,200,000, after amortization but before possible impairment of identifiable intangibles. Determine Bowen's amortization expense and impairment write-offs for 2013. Summary: Amortization expense for 2013: Customer lists $ x Developed technology x Total $ x Impairment writeoffs for 2013: Developed technology $ Internet domain name xx Goodwill Total x $ x