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Exercise 8-21A (Algo) Computing and recording the amortization of intangibles LO 8-10, 8-11\ Dynamo Manufacturing...

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Accounting

Exercise 8-21A (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 $ 33,800\ Goodwill 37,900\ 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.

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