Hi-Tech Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items:

Hi-Tech's financial condition just prior to the purchase of these assets is shown in the following statements model:

Required

a. Compute the annual amortization expense for these items.

b. Record the purchase of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown above.

c. Prepare the journal entries to record the purchase of the intangible assets and the related amortization for year 1 .

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Patent with 2 remaining years of legal life $24,000 Goodwill 20,000