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How much would santa amortize this customer list

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Question - On 2/1/21, Santa paid $71,000 for a customer list labeled the "Naughty and Nice". He incurred legal fees of $9,100 and filing expenses of $8,000 to obtain this customer list. Santa plans to use this list over the next 9 years while the kids are still young enough to believe in Santa. At the end of its useful life, he will be able to sell it for $3,500 to colleges for enrollment.

a. How much would Santa amortize this Customer List for in 2021?

b. How much would Santa amortize this Customer List for in 2022?

c. During 2023, Santa determined that he would only receive future cash flows and a fair value of $60,900 for owning this customer list. With that said, is Santa's list impaired? If so, by how much?

Reference no: EM133105050

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