• On Feb 1, 2020, the Bean company completed the acquisition of the Coffee Corporation for $3,900,000 in cash. The fair value of the net identifiable assets of Coffee was $2,900,000. Bean purchased a patent on April 30, 2020 that was valued at $39,500. The remaining legal life of the patent was 17 years, but Bean believes that the patent will only be useful for another nine years. Bean received approval for a trademark on July 1, 2020, by paying a legal fee of $18,000. The contractual life of the trademark is 13 years. Bean spent $178,380 from Sept 1 through Sept 30 for experimental purposes in connection with the development of a new product. On Oct 1, Bean installed a new part, at a cost of $41,020, on its most used coffee machine that would make the machine more efficient to produce more bags of coffee. How much total amortization expense would Bean record by the end of the year?