Assume cannon llc acquires a competitors assests on june

Reference no: EM13606813

Assume Cannon LLC acquires a competitors assests on June 15th of a prior year. The purchase price was $450,000. Of that amount, $196,200 is allocated to tangible assets and $253,800 is allocatred to three IRC 197 intangable assets: $153,000 to goodwill, $50,400 to a customer list with an expected life of 8 years, and $50,400 to a 3 year non-compete agreement. On may 30th of the second year, the customer list is osld for $10,000. Please round your amortization amoubts to the nearest whole number. Round your allocation percentage to the nearest whole percentage. (e.g..1234 as 12%.What is Cannons amortization expense for the second year.

Reference no: EM13606813

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