Note 4: Value of Business Acquired

12 Months Ended

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.