P12.5B (LO 1,2,3,4,6) (Comprehensive Intangible Assets) Pacific Inc. was formed on July 1, 2019 when Roy Clemons pur- chased the Coastal Bike Company. Coastal Bike organizes and provides bike tours along US. coastal areas. Clemons paid $350,000 cash for Coastal Bike. At the time, Coastal Bike's balance sheet reported assets of $400,000 and liabilities of $300,000 (thus stockholders equity was $100,000). The fair value of Coastal Bike's assets is estimated to be $540,000. Included in the assets is the Coastal Bike trade name with a fair value of $60,000 and a copyright on some tour books with a fair value of $20,000. The trade name has a remaining life of 10 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 20 years. Instructions (a) Prepare the intangible assets section of Pacific Inc. at December 31, 2019. How much amortization expense is included in Pacific Inc.'s income for the year ended December 31, 2019? Show all supporting computations.