Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. after several profitable years running her busines

After several profitable years running her business, Ingrid decided to acquire the assets of a...

50.1K

Verified Solution

Question

Accounting

After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $306,000. Ingrid allocated $51,000 of the purchase price to goodwill. Ingrids business reports its taxable income on a calendar-year basis.

b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of 5 years for $10,500. How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3?

Phone List
Year 1 amortization expense
Year 2 amortization expense
Year 3 amortization expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

By pressing the start button, 5 motors will be activated in order. Each of the engines will...

Physics
Q

A group is considering installing a solar power station and has asked you for your recommendation...

Physics
Q

A moving ball (ball #1) makes a perfectly elastic collision with a stationary ball (ball #2)....

Physics
Q

Determine the magnitude of polarization (in C/m2) in a material if it is stressed 4.72 GPa...

Electrical Engineering
Q

Bianca calculated the height of the equilateral triangle with side lengths of 10 tan 30...

Geometry
Q

Solve the equation b factoring: b = -4b+ 21Ob=7 or b=3Ob=-7 or b=3Ob= 7 or...

Basic Math
Q

te S x y z dS where S is the part of the cone 2...

Calculus
Q

Write the equation of the trigonometric graph 27 JAAA 2 2 help 2 4 3...

Algebra
Q

2. Indicate the order in which the following onscreen customers and sales transaction forms typically...

Accounting
Q

PROBLEM #2 Instructions Chart of Accounts Starting Questions Journal Instructions Modern Lighting Inc....

Accounting
Q

The Social Security Act requires workers to obtain a new account number each time they...

Accounting
Q

Problem 17: The Greenhill Hotels total revenue for 20X1 totaled $5,000,000, while total...

Accounting