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Require Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] After several profitable years running her business, Ingrid decided
Require Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] 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 $342,000. Ingrid allocated $57,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-71 Part b (Algo) b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $13,500. 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
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