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Note 4: Value of Business Acquired | 12 Months Ended
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Dec. 31, 2016
Notes |
Note 4: Value of Business Acquired | 4) Value of Business Acquired and Goodwill Information with regard to value of business acquired is as follows:
|  | December 31
|  | 2016 |  | 2015 |
Balance at beginning of year |  | $ 8,743,773 |  | $ 8,547,627 |
Value of business acquired |  | - |  | 1,473,272 |
Imputed interest at 7% |  | 45,762 |  | 590,108 |
Amortization |  | (1,219,235) |  | (1,867,234) |
Net amortization charged to income |  | (1,173,473) |  | (1,277,126) |
Balance at end of year |  | $ 7,570,300 |  | $ 8,743,773 |
Presuming no additional acquisitions, net amortization charged to income is expected to approximate $1,119,000, $1,041,000, $966,000, $899,000, and $835,000 for the years 2017 through 2021. Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2016, value of business acquired is being amortized over a weighted average life of 5.4 years. Information with regard to goodwill acquired is as follows:
|  | December 31
|  | 2016 |  | 2015
Balance at beginning of year |  | $ 2,765,570 |  | $ 2,765,570
Goodwill acquired |  | - |  | -
Other |  | - |  | -
Balance at end of year |  | $ 2,765,570 |  | $ 2,765,570
Goodwill is not amortized but tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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