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On January 1, 2021, Sheffield Corp. acquires a customer list for $416000. Sheffield estimates that this customer list will generate value for at least 5
On January 1, 2021, Sheffield Corp. acquires a customer list for $416000. Sheffield estimates that this customer list will generate value for at least 5 years. At the end of 3 years, Sheffield plans to sell the customer list to another company for $64100. On Sheffield's income statement for the year ended December 31,2021, how much amortization expense should it report? $83200$117300$70380$138667
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