Question: Please fill in the blanks below (specifically the blank for Goodwill). Thank you! Question Content Area Various Intangible Assets Barnum Company acquired several small companies

Please fill in the blanks below (specifically the blank for Goodwill). Thank you!

Question Content Area

Various Intangible Assets

Barnum Company acquired several small companies at the end of 2018, and based on the acquisitions, reported the following intangible assets on its December 31, 2018, balance sheet:

Patent $20,000
Trade name 35,000
Internet domain name 10,000
Goodwill 90,000

The company's accountant determines the patent has an expected life of 10 years and no expected residual value, and it will generate approximately equal benefits each year. The company expects to use the trade name for the foreseeable future. The company plans to continue to use the Internet domain name of the smaller companies until it can integrate the companies into its existing operations. This procedure is expected to take 4 years.

Required:

How much amortization expense should the company recognize on each intangible asset in 2019? If an amount is zero, enter "0".

Patent fill in the blank
Trade name fill in the blank
Internet domain name fill in the blank
Goodwill fill in the blank

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!