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Required information The following information applies to the questions displayed below.) of 2 Aller several profitable years running her business, Ingrid decided to acquire the
Required information The following information applies to the questions displayed below.) of 2 Aller 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 $402,000. Ingrid allocated $67,000 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.) a. How much amortization expense on the goodwill can Ingrid deduct in year 1 year 2, and year 3? pok Inces Deductible amortization expense Year 1 Year 2 Year 3 SAMSIING Help Save Chapter 2 - Homework 14 Required information The following information applies to the questions displayed below.) Part 2 of 2 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 $402,000. Ingrid allocated $67,000 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.) Bock b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of 5 years for $18.500. How much amortization expense on the phone list can Ingrid deduct in year 1 year 2. and year 3? References Phone List Year 1 amortization expense Year 2 amortization expense Year 3 amortization expense
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