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5) Value of Business Acquired and Goodwill | 12 Months Ended
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Dec. 31, 2018
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
|  | 2018 |  | 2017 |
Balance at beginning of year |  | $ 6,588,759 |  | $ 7,570,300 |
Value of business acquired |  | - |  | - |
Imputed interest at 7% |  | 421,122 |  | 39,767 |
Amortization |  | (1,244,691) |  | (1,021,308) |
Net amortization charged to income |  | (823,569) |  | (981,541) |
Balance at end of year |  | $ 5,765,190 |  | $ 6,588,759 |
Presuming no additional acquisitions, net amortization charged to income is expected to approximate $821,000, $737,000, $685,000, $637,000, and $593,000 for the years 2019 through 2023. Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2018, value of business acquired is being amortized over a weighted average life of 6.2 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. The carrying value of the Company’s intangible asset is as follows:
|  |  | December 31
| Useful Life |  | 2018
Intangible asset - finite life - customer lists | 15 years |  | $ 890,000
Less accumulated amortization |  |  | (34,611)
Balance at end of year |  |  | $ 855,389

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