Selected accounts of the Brecha company are listed below on January 1, 2019 the only intangible asset in the company's account was goodwill this was recorded in 2012 and the company acquired another company and paid $400,000 more than the fair market value of the net identifiable tango trouble assets acquired for two years the company amortized The cost on the basis of a 40 year life charging a total of $17,800

Selected accounts of the Brocha Company are listed below. On January 1, 2019, the only intangible asset in the company's accounts was Goodwill. This was recorded in 2012 when the company acquired another company and paid $400,000 more than the fair market value of the net identifiable tangible assets acquired. For two years, the company amortized the costs on the basis of a 40-year life, charging a total of $17,800 ($8,900 each year) to an account called Amortization Expense Goodwill However, no amortization of goodwill has been recorded since 2013. Transactions and events that took place at the company during 2019 are given below. TRANSACTIONS AND OTHER INFORMATION a. On May 10, 2019, the company paid $189,000 to purchase a product formula. The formula is expected to have a useful life of nine years. b. On July 5, the company paid $432,000 for a patent having a useful life of 8 years. c. On September 22, the company purchased a unique computer program for $264,000. This program has an estimated useful life of six years. d. During the year, the company recorded various cash expenditures of $200,000 for labor and supplies used in its research department (Date entry December 31.) e. At the end of 2019, the company reviewed the goodwill shown in the accounts. Based on the profitability of activities acquired in purchasing the other business, the owners of the business think the goodwill has a value of $310,000 and should be of benefit for many more years. Required: 1. Record the transactions for 2019. 2. Record amortization of the intangible assets, where appropriate for the year ended December 31, 2019. 3. Record impairment of assets, where appropriate, on December 31, 2019. Analyze: Based on the transactions above, what is the total net book value of Brecha Company's intangible assets on December 31, 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Required 1 Required 2 Required 3 Analyze Record the transactions for 2019. View transaction list Journal entry worksheet