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Computing the Carrying Value of Intangibles

On January 3, 2020, Munn and Cody entered into a noncompetition agreement in connection with Munns purchase of a trademark from Cody. Munn paid Cody $800,000, of which 75% related to the trademark and 25% reflected Codys agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be indefinite. Determine Munns carrying value of the trademark and noncompete agreement on December 31, 2020. Assume no impairment loss was recognized on the intangibles in prior periods.

Carrying value of trademark, Dec. 31, 2020	Answer
Carrying value of noncompete agreement, Dec. 31, 2020	Answer