On May 10, 2015, Substantial Corporation spent $210,000 on a limited-life intangible asset. Its useful lifetime...
On May 10, 2015, Substantial Corporation spent $210,000 on a limited-life intangible asset. Its useful lifetime is 10 years. How much in total amortization expense should be recorded on the intangible asset by December 31, 2017?
| $ -0- |
| $42,000 |
| $56,000 |
| $63,000 |
Homework Answers
Answer
- Correct Answer = Option #3 $ 56,000
- Annual amortisation for 12 months = $ 210,000 / 10 years = $ 21,000
- 2015’s amortisation = $ 21000 x 8 months/12 months = $ 14,000
[May to Dec = 8 months]
2016’s amortisation = $ 21000
2017’s amortisation = $ 21,000 - Total amortisation by Dec 31 2017 = 14000 + 21000 + 21000 = $ 56,000
- Answer = $ 56000
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