Business, 15.04.2020 23:55 ummammaar08

The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,410,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,269,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $32,400. The original legal life of the patent was 20 years. There are still 17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 9 more years. c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franchise fee of $185,600. The contractual life of the franchise is eight years.

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The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2021...