An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000 On January 1, 2012, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date ...

The total life per revised facts is 40 years 10 30 There are 30 40 10 remai ...

An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002,

Question:

An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000. On January 1, 2012, a review was made of and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date of the review. What is the amount of amortization for this intangible in 2012?

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...