On January 1, 2024, Conner, Inc. purchased a trademark for $340,000 cash. The trademark's expected useful life is 20 years. The trademark has no residual value. What is the amount of amortization expense for 2024?

A.

$8,500

B.

$11,333

C.

$17,000

D.

$34,000

On January 1, 2024, Southeastern Company purchased a building and signed a tenyear mortgage for $350,000 at 12%. The note will be paid in equal annual installments of $61,944, beginning January 1, 2025. Calculate the balance of Mortgages Payable after the payment of the third installment. (Round any intermediate calculations and your final answer to the nearest dollar.)

A.

$307,719

B.

$282,701

C.

$330,056

D.

$350,000