View the step-by-step solution to:


Part A)

On January 2, 2019, Adelphi Company

purchased a patent for $170,000 plus $5,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 6 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.

Part B)

Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:



Accounts Receivable assumed by buyer




Property, Plant & Equipment (net)


Notes Payable assumed by buyer


Using this information, how much should be recorded as Goodwill for this transaction?

Top Answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question