Question: Ch 9 Learning Assignment Question 6 of 7 - / 3 Culver Enterprises has a December 31 fiscal year end and uses straight-line amortization to

Ch 9 Learning Assignment Question 6 of 7 - / 3 Culver Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2023 and 2024: 2023 Jan. 9 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45,000 cash. May 15 Purchased another company and recorded goodwill of $450,000 as part of the purchase. Dec. 31 Recorded adjusting entries as required for amortization. Dec. 31 Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were $40,000

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