Exercise $8-21$A $($Algo$)$ Computing and recording the amortization of intangibles LO $8-10,8-11$

Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:

Patent with $4$ remaining years of legal life $ $36,400$

Goodwill $39,100$

Required:

Compute the annual amortization expense for these items.

Record the acquisition of the intangible assets and the related amortization expense for Year $1$ in a horizontal statements model.