What amount should be amortized for the year ended December

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Question - Oriolebought a franchise from Alexander Co. on January 1, 2019, for $320,000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $320,000. The franchise agreement had an estimated useful life of 30 years. BecauseOriolemust enters a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020?

Reference no: EM132813935

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