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On January 1, 2019, Charlie Corporation acquires all of the net assets of Rocky Corporation for $2,000,000. The following intangible assets are included in the purchase agreement: Assets Acquisition Cost Goodwill and going concern value $105,000 Licenses $ 45,000 Patents $ 60,000 Covenant not to compete for five years $120,000 What is the total amount of amortization allowed in 2019?.

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ahmedanis900

Answer:

Amortization allowed in 2019 = ($2,000,000 - $105,000 - $45,000 - $60,000 - $120,000) / (5)

                                                = $334,000

Explanation:

In accounting, amortization refers to expensing the acquisition cost minus the residual value of intangible assets in a systematic manner over their estimated "useful economic lives" so as to reflect their consumption, expiry, and obsolescence, or other decline in value as a result of use or the passage of time.

https://en.wikipedia.org/wiki/Amortization_(business)

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