On October 1, 2023, Morgan, Inc., acquired all of the outstanding common stock of Pathways, Inc., for $100 million. In addition to tangible assets, Morgan recorded the following assets as a result of the acquisition: Patent $6 million Developed technology 3 million In-process research & development 2 million Goodwill 7 million Morgan's policy is to amortize intangible assets using the straight-line method, no residual value and a six-year useful life.

Required: 

Record the journal entry to record amortization of the above intangible assets.

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To record the amortization of intangible assets we need to first calculate the an... View the full answer