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Question - 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 $330,000. Ingrid allocated $55,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis.
Required -
a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?
b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of 5 years for $12,500. How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3?
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ACC310 Management Accounting, assignment help and assessment help - Please record following transactions using transaction analysis. Please use this template.
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