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 $362,800 Goodwill 72,560 Covenant not to compete 90,700 Total $526,060 a. How much of the $526,060 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations