Book Print Item Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $442,000 88,400 Goodwill Covenant not to compete 110,500 Total $640,900 2. How much of the 1640,900 purchase price is for Section 107 intangible assets? b. What amount can Derek deduct on his 2020 tax return as Section 192 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations