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	Fair Value	Estimated Value
Customer lists	$600,000	6 years
Developed technology	960,000	12 years
Internet domain name	1,560,000	Indefinite
Goodwill*	7,440,000	Indefinite

* The goodwill is assigned entirely to the aquired business 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:

Customer lists are estimated to have undiscounted future cash flows of $300,000 and discounted future cash flows of $216,000.

Developed technology is estimated to have undiscounted future cash flows of $600,000 and discounted future cash flows of $504,000.

The internet domain name is estimated to have undiscounted future cash flows of $1,200,000 and discounted future cash flows of $900,000.

The acquired business unit has a fair value of $20,400,000, a carrying amount of $22,200,000, and the fair value of its identifiable net assets is $17,040,000.

Determine Bowen's amortization expense and impairment write-offs for 2013.

Summary:
Amortization expense for 2013:
Customer lists	$Answer
Developed technology	Answer
Total	$Answer
Impairment writeoffs for 2013:
AnswerCustomer listsDeveloped technologyN/A	$Answer
Internet domain name	Answer
Goodwill	Answer
Total	$Answer