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Lera25 [3.4K]
3 years ago
6

Bryson Corporation purchased a limited-life intangible asset for $1,162,500 on May 1, 2018. It has a remaining useful life of 15

years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020 (if necessary, round your answer to the nearest dollar)
Business
1 answer:
Nastasia [14]3 years ago
5 0

Answer:

$206,667

Explanation:

Calculation for What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020

Using this formula

Total Amortization expense=Cost/useful life*Number of months

Let plug in the formula

Total Amortization expense=$1,162,500/180*32

Total Amortization expense=$206,667

Note that 15 years*12months will give us 180 months which is the useful life while May 1, 2018 - December 31, 2020) will give us 32 months

Therefore the total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020 will be $206,667

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Answer:

The adjusted basis in the land after the exchange=-$10,000, meaning Baker realized a loss of $10,000 from the exchange

Explanation:

<em>Step 1: Determine the initial loss/gain in value of the building</em>

initial loss/gain=original purchase price-adjusted basis

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original purchase price=$50,000

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replacing;

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<em>Step 2: Determine the loss or gain from the exchange</em>

loss/gain=35,000-30,000=$15,000

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Step 3: Determine other additional costs

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<em>Step 4: Determine the net gain/loss</em>

net gain/loss=-20,000+(15,000)+(-5,000)=-$10,000

The adjusted basis in the land after the exchange=-$10,000, meaning Baker realized a loss of $10,000 from the exchange

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Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, sells $100,000 w
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C. the euro has gained strength against the dollar.

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