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15) 16) Brief Exercise 7-14 (Static) Calculate amortization expense (LO7-5) In early January. Burger Mania acquired 1008 of the common stock of the Crispy Taco
15) 16) Brief Exercise 7-14 (Static) Calculate amortization expense (LO7-5) In early January. Burger Mania acquired 1008 of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $4 million, patent, $5 million, trademark considered to have an indefinite useful life; and $6 million. goodwill. Burger Manla's policy is to amortize intangible assets with finite useful llves using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Manla's income statement for the first year ended December 31 related to these items? (Enter your answer in dollars, not in millions (i.e. 5 should be entered as 5,000,000 ).) Faucet Landscaping purchased a tractor at a cost of $39,000 and sold it three years later for $19,800. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $2.500 residual valuc. Tractors are included in the Equipment account. Exercise 7-17 (Algo) Part 1 Required: . Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account ield.) Journal entry worksheet
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