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5) Value of Business Acquired and Goodwill
 12 Months Ended
Dec. 31, 2017
Notes  
5) Value of Business Acquired and Goodwill

5)         Value of Business Acquired and Goodwill

 

Information with regard to value of business acquired is as follows:

 

December 31

2017

2016

Balance at beginning of year

 $      7,570,300

 $      8,743,773

Value of  business acquired

                     -

                     -

Imputed interest at 7%

             39,767

             45,762

Amortization

       (1,021,308)

       (1,219,235)

Net amortization charged to income

          (981,541)

       (1,173,473)

Balance at end of year

 $      6,588,759

 $      7,570,300

 

Presuming no additional acquisitions, net amortization charged to income is expected to approximate $919,000, $854,000, $766,000, $713,000, and $663,000 for the years 2018 through 2022. Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2017, value of business acquired is being amortized over a weighted average life of 6.1 years.

 

Information with regard to goodwill acquired is as follows:

 

Goodwill of $2,765,570 is not amortized but tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill.