Starn Tool & Manufacturing Company, located in Meadville, PA$,$ provides component machining for robotics, drones, vision systems, and

special machines and assemblies for the aerospace, military, commercial, automotive, and medical industries. Assume the company has

five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the

amortization of the cost of each of these intangibles. Facts about each intangible follow:

a$.$ Patent. The company purchased a patent for a new tool at a cash cost of $$58,500$ on January $1,2023.$ The patent has an estimated

useful life of $13$ years.

b$.$ Copyright. On January $1,2023,$ the company purchased a copyright for $$23,500$ cash. It is estimated that the copyrighted item will

have no value by the end of $10$ years.

c$.$ Franchise. The company obtained a franchise from $H$&$H$ Tool Company to make and distribute a special item for the automotive

industry. It obtained the franchise on January $1,2023,$ at a cash cost of $$14,600$ for a $10-$year period.

d$.$ License. On January $1,2022,$ the company secured a license from the city to operate a special service for a period of five years.

Total cash expended to obtain the license was $$14,200.$

e$.$ Goodwill. The company purchased another business in January $2020$ for a cash lump sum of $$420,000.$ Included in the purchase

price was "Goodwill, $$42,000."$ Company executives stated that "the goodwill is an important long$-$lived asset to us$."$ It has an

indefinite life.$|$

Required:

Compute the amount of amortization that should be recorded for each intangible asset at the end of the annual accounting period,

December $31,2023.$

Determine the book value of each intangible asset on December $31,2024.$

Assume that on January $2,2025,$ the copyrighted item was likely impaired in its ability to continue to produce strong revenues due

to a legal dispute. The other intangible assets were not affected. Starn estimated that the copyright would be able to produce future

cash flows of $$17,600.$ The fair value of the copyright was determined to be $$16,600.$ Compute the amount, if any, of the

impairment loss to be recorded.