17 ! art 1 of 2 23 nts Required information Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $360,000. Ingrid allocated $60,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) eBook Ask Problem 10-71 Part a (Algo) a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3? Print Year 1 eferences Year 2 Year 3 Deductible Amortization Expense 18 ! art 2 of 2 23 Ints Required information Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $360,000. Ingrid allocated $60,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) eBook Ask Problem 10-71 Part b (Algo) b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $15,000. How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3? Print References Year 1 amortization expense Year 2 amortization expense Year 3 amortization expense Phone List