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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 Year 3 amortization expense S 2.100 $ 2,100x

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 Year 3 amortization expense S 2.100 $ 2,100x

FINANCIAL ACCOUNTING
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

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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
Transcribed Image Text: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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