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5) Value of Business Acquired, Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
5) Value of Business Acquired, Intangible Assets and Goodwill | 5) Value of Business Acquired, Intangible Assets and Goodwill Information with regard to value of business acquired was as follows:
|  | December 31 |
|  | 2020 |  | 2019 |
Balance at beginning of year |  | $ 9,876,647 |  | $ 5,765,190 |
Value of business acquired |  | - |  | 4,962,831 | (1)
Imputed interest at 7% included in earnings |  | 670,565 |  | 472,916 |
Amortization included in earnings |  | (1,457,390) |  | (1,320,456) |
Shadow amortization included in other comprehensive income |  | (134,573) |  | (3,834) |
Net amortization |  | (921,398) |  | (851,374) |
Balance at end of year |  | $ 8,955,249 |  | $ 9,876,647 |
(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company |
Presuming no additional acquisitions, net amortization charged to income is expected to approximate $1,019,000, $918,000, $854,000, $784,000, and $707,000 for the years 2021 through 2026 . Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2020, value of business acquired is being amortized over a weighted average life of 6.9 years. The carrying value of the Company’s intangible assets were as follows which is included in other assets:
|  |  | December 31
| Useful Life |  | 2020 |  | 2019
Intangible asset - customer lists | 15 years |  | $ 890,000 |  | $ 890,000
Intangible asset - trade name (1) | 15 years |  | $ 610,000 |  | $ 610,000
Less accumulated amortization |  |  | (197,334) |  | (98,222)
Balance at end of year |  |  | $ 1,302,666 |  | $ 1,401,778
(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company
Information regarding goodwill by segment was as follows:
| Life Insurance |  | Cemetery/Mortuary |  | Total
Balance at January 1, 2019: |  |  |  |  |
Goodwill | $ 2,765,570 |  | $ - |  | $ 2,765,570
Accumulated impairment | - |  | - |  | -
Total goodwill, net | 2,765,570 |  | - |  | 2,765,570
Acquisition | - |  | 754,018 | (1) | 754,018
Balance at December 31, 2019: |  |  |  |  |
Goodwill | 2,765,570 |  | 754,018 |  | 3,519,588
Accumulated impairment | - |  | - |  | -
Total goodwill, net | 2,765,570 |  | 754,018 |  | 3,519,588
Acquisition | - |  | - |  | -
Balance at December 31, 2020: |  |  |  |  |
Goodwill | 2,765,570 |  | 754,018 |  | 3,519,588
Accumulated impairment | - |  | - |  | -
Total goodwill, net | $ 2,765,570 |  | $ 754,018 |  | $ 3,519,588
(1) See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home
Goodwill of $3,519,588 is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for the years ended December 31, 2020 and 2019.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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