Granite Stone Creamery sold ice cream equipment for $14,000. Granite Stone originally purchased the equipment for $85,000, and depreciation through the date of sale totaled $68,500. What was the gain or loss on the sale of the equipment? $ 14,000 Sale amount Less: Cost of the ice cream equipment Book value 16,500 In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $7 million, patent; $5 million, trademark considered to have an indefinite useful life; and $9 million, goodwill. Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items? (Enter your answer in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Amortization expense
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