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 $390,000. Ingrid allocated $65,000 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.) 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? Year 1 Deductible Amortization Expense Year 2 Year 3 b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $17,500. How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3? Year 1 amortization expense Year 2 amortization expense Year 3 amortization expense Phone List