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19 Malcolm acquires a competitor's assets on September 30th of Year 1 for $350,000. Of that amount, $300,000 is allocated to tangible assets and $50,000
19 Malcolm acquires a competitor's assets on September 30th of Year 1 for $350,000. Of that amount, $300,000 is allocated to tangible assets and $50,000 is allocated equally to two $197 intangible assets (goodwill and a one-year noncompete agreement). Given that the noncompete agreement expires on September 30th of Year 2, what is Malcolm's amortization deduction for the second year? (Round final answer to the nearest whole number.) Multiple Choice None of the choices are correct $3,333 $1,667 $2.917 $0
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