Marin Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $840,000 cash for Old Master. At the time, Old Masters balance sheet reported assets of $670,000 and liabilities of $200,000 (thus owners equity was $470,000). The fair value of Old Masters assets is estimated to be $810,000. Included in the assets is the Old Master trade name with a fair value of $9,000 and a copyright on some instructional books with a fair value of $24,000. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years.