On January $1$ of the current year, Fern Corporation purchases the net assets of Vera's unincorporated business for $$750,000.$ The tangible net assets have a $$360,000$ book value and a $$550,000$ FM$.$ The purchase agreement states that Vera will not compete with Fern Corporation by starting a new business in the same area for a period of five years. The stated consideration received by Vera for the covenant not to compete is $$65,000.$ Other intangible assets included in the purchase agreement are as follows:View the other intangible assetsRead the requirementsRequirement a$.$ How would Vera's assets be recorded for tax purposes by Fern Corporation?Recorded valueTangible assetsIntangible assets:Covenant not to competeGoodwillPatentsCustomer listTotalOther Intangible Assets$*$ Goodwill: $$20,000*$ Patents $(14-$year remaining useful life$)$: $$60,000*$ Customer list: $$55,000$Requirementsa.b$.$How would Vera's assets be recorded for tax purposes by FernCorporation?What is the amortization amount for each intangible asset in the current year?

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a How Veras assets would be recorded for tax purposes by Fern Corporation Tangible assets The tangib... View the full answer