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5) Value of Business Acquired and Goodwill

12 Months Ended

Dec. 31, 2018

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