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Anvisha [2.4K]
2 years ago
7

Sunland Corporation purchased a limited-life intangible asset for $468000 on May 1, 2019. It has a useful life of 10 years. What

total amount of amortization expense should have been recorded on the intangible asset by December 31, 2021
Business
1 answer:
Jobisdone [24]2 years ago
8 0

Answer: $124800

Explanation:

First, we have to calculate the ammortization expense which will be:

= $468000 / 10

= $46800

May 2019 = ($46800 × 8/12)

= $31200

December 2020 = $46800

December 2021 = $46800

Ammortization expense will now be:

= $31200 + $46800 + $46800

= $124800

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3 years ago
Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,0
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<em />

<em>FORMULA </em>

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The answer and procedures of the exercise are attached in the following image.

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