An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2010,
Question:
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2010, for $540,000. On January 1, 2020, 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 of the review. What is the amount of amortization for this intangible in 2020?
Intangible AssetsAn 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...
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The total life per revised facts is 40 years 10 30 There are 30 40 10 remai...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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