5) Value of Business Acquired, Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Value of Business Acquired

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

Schedule of Carrying Value of Intangible Asset

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

Schedule of Goodwill by Segment

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