ive seen this answered before where you just take $10500 divided by 5 this answer is wrong can some help me figure out right answer thank you will rateNote:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. After several profitable years running her business, Ingrid decided to acquire the assets of a small competingbusiness. On May 1 of year 1, Ingrid acquired the competing business for $306,000. Ingrid allocated $51,000 of thepurchase 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.b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $10,500. How muchamortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3?Answer is complete but not entirely correct.Phone:ListYear 1 amortization expenseS2,100xYear 2 amortization expense$2,100xYear 3 amortization expense$2,100x

Amortization-Intangible assets are those that cannot be touched. Those assets lose value over time…

Answered: b. In lieu of the original facts,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ive seen this answered before where you just take $10500 divided by 5 this answer is wrong can some help me figure out right answer thank you will rate

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

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 $306,000. Ingrid allocated $51,000 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.
b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $10,500. How much
amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3?
Answer is complete but not entirely correct.
Phone:
List
Year 1 amortization expense
S
2,100x
Year 2 amortization expense
$
2,100x
Year 3 amortization expense
$
2,100x

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