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Question 22 Tamarisk Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Old Master Golf Corporation. On Master provides video golf instruction at Wosks in shopping malls, Powerdriver's plan is to make the instruction business part of this golf equipment and accessory stores, power driver paid $630,000 for Old Master At the time of purchase Old Master's statement of financial position reported a s of $550.000 and abilities of $100.000 (h olders' equity was $450.000). The fair value of Old Master's identifiable assets was estimated to be $690,000. Included in the identifiable assets was the Old Master tr a ma with a value of $20,000 and a co h t on some instructional books tha fair value of $14,000. The trade name has remaining lege of five years and can be reneweddily at nominal cost. The had a rem o te of 60 years Assame that Tamarisk Golf and Sports is a private company reporting under ASPE Prepare the intangible assets section of Tamarisk Golf and Sports December 31, 2020. (Round answers to decimal places . 5.275) Tamarisk Golland Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION How much amortization expense is included in Tamarisk's income for the year ended December 31, 20207 (Round answer to decimal places, e.. 5.275.) Amortization expense search ose - PRINTER VERSION BACK NET How much amortization expense is induded in Tamarisk's income for the year ended December 31, 20207 (Round answer to Amortization expense decimal places . 5.275.) SHOW LIST OF ACCOUNTS Prepare the journal entry to record the amortization expense for 2021. (Credit account titles are automatically indented when the amount is entered. Do not ident manually. If no entry is required select "No Entry for the account s and enter for the amounts) Account Titles and Explanation Det Prepare the intangible assets section of Tamarisk Golf and Sports at December 31, 2021. (No impairment needs to be recorded in 202 525) (Round answers to decimal places Tamarisk Goll and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION PRINTER VERSION BACK Prepare the intangible assets section of Tamarisk Golf and Sports at December 31, 2021. (No impairment needs to be recorded in 2021.) (Round answers to decimal places, 5,275 NEP Tamarisk Golf and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION At the end of 2022, Powerdriver is evaluating the results of the instructional business. Due to fierce competition from internet sites and television, the Old Master recorting been losing money and has a carrying amount (including goodwill of $450,000 and fair value induding goodwill $426000 rdrher has collected the following information about the company intangible assets Intangible Asset de name Expected Cash Flows (Undiscounted) Fair Value $20,000 $17,000 39.000 34.000 Prepare the requ u ms a n to record impairment on Tamaris's intangible asset automatically indented when the amount is entered De not indent manually) Assume that amortization for 2022 has been recorded are Account Tities and Explanation Credit