Amortization of Intangibles. On January 1 of the current year, Palm Corporation purchases the net assets of Vicki's unincorporated business for $600,000. The tangible net assets have a $300,000 book value and a $400,000 FMV. The purchase agreement states that Vicki will not compete with Palm Corporation by starting a new business in the same area for a period of five years. The stated consideration received by Vicki for the covenant not to compete is $50,000. Other intangible assets included in the purchase agreement are as follows: Goodwill: $70,000 Patents (12-year remaining legal life): $30,000 Customer list: $50,000 a)how would Vicki's assets be recorded for tax purposes by Palm Corporation? b) what is the amortization amount for each intangible asset in the current year?