K On January 1 of the current year, Walnut Corporation purchases the net assets of Vonda's unincorporated business for $1,250,000. The tangible net assets have a $325,000 book value and a $450,000 FMV. The purchase agreement states that Vonda will not compete with Walnut Corporation by starting a new business in the same area for a period of five years. The stated consideration received by Vonda for the covenant not to compete is $20,000. Other intangible assets included in the purchase agreement are as follows: View the other intangible assets. Read the requirements. Requirement a. How would Vonda's assets be recorded for tax purposes by Walnut Corporation? Recorded value Tangible assets Intangible assets: Covenant not to compete Goodwill Patents Customer list Total ww C MY RA D STE ng D ad 74 Spec ado

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