(Solved): Montana Matt's Golf Inci, was formed on July 1, 2024, when Matt Magike purchased the Old Master Col ...

Montana Matt's Golf Inci, was formed on July 1, 2024, when Matt Magike purchased the Old Master Colf Company, Old Master provides video golf instruction at kiosks in shopping malls. Magike plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid \( \$ 770,000 \) cash for Old Master. At the time, Old Master's balance sheet reported assets of \( \$ 650,000 \) and liabilities of \( \$ 200,000 \) (thus stockholders' equity was \( \$ 450,000 \) ). The fair value of Old Master's assets is estimated to be \( \$ 800,000 \). Included in the assets is the Old Master trade name with a fair value of \( \$ 10,000 \) and a copyright on some instructional books with a falr value of \( \$ 24,000 \). The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. (a) Prepare the intangible assets section of Montana Matt's Golf inc, at December 31, 2024. How much amortization expense is included in Montana Matt's income for the year ended December 31, 2024? Amortization expense