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Accounting 1......Ted purchases a small business from Terry on September 1, 2019. He paid the following amounts for the business: Fixed assets $400,000 Goodwill $50,000

Accounting 1......Ted purchases a small business from Terry on September 1, 2019. He paid the following amounts for the business: Fixed assets $400,000 Goodwill $50,000 Franchise Fees $75,000 Trademarks $25,000 Land $250,000 Total $800,000 How much of the $800,000 purchase price is for Section 197 intangible assets?

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SL NO PARTICULARS OF EXPENSE TOTAL EXPENSES INTANGIBLE ASSETS 1 FIXED ASSETS 400000 2 GOODWILL 5... blur-text-image

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