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On June 28 Lexicon Corporation acquired 100% of the common stock of Gulf & Eastern. The purchase price allocation included the following items: $5.5 million,
On June 28 Lexicon Corporation acquired 100% of the common stock of Gulf & Eastern. The purchase price allocation included the following items: $5.5 million, patent; $4.5 million, developed technology; $3.5 million, inprocess research and development; $6.5 million, goodwill. Lexicon's policy is to amortize intangible assets using the straight-line method, no residual value, and a five-year useful life What is the total amount of expenses (ignoring taxes) that would appear in Lexicon's income statement for the year ended December 31 related to these items? (Enter your answers in whole dollars.) ortization expense in current (partial) Cost Select ear Patent 560,548 5,500,000Amortized Developed technology In-process research and development Goodwill 4,500,000 Amortized 3,500,000 amortized 6,500,000 Amortized 458,630 Not 662,466 1,681,644 Total amortization expense current year *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted
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