Please provide the solution to this general accounting question with accurate Accounting calculations. Horizon Technologies acquired a software license at the beginning of 2020for $72 million. The company has been amortizing the license on a straight-line basis over its expected useful life of 8 years. At the end of 2022 (beforeyear-end adjustments), management determined that due to marketchanges, the license would only benefit the company for a total of 5 yearsrather than the original 8 years.What is the appropriate license amortization expense for 2022?A) $24 million B) $9 million C) $36 million D) $18 million

Step 1: Definition of Amortization ExpenseAmortization expense is the periodic allocation of the…

Answered: Horizon Technologies acquired a…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 26CE

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