What is Grace's 2021 deduction for amortization?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Oliver, an insurance agent and sole practitioner, decided to sell his insurance agency to Grace. Under the terms of the sales agreement, Grace paid $8,000 for the goodwill that Oliver had garnered throughout his insurance career. The purchase was completed on March 3, 2021. What is Grace's 2021 deduction for amortization?

 

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