Solved: An intangible asset with an estimated useful life of 30, Accounting Basics

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An intangible asset with an estimated useful life of 30

Question - An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2004, for $540,000. On January 1, 2014, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date of the review. What is the amount of amortization for this intangible in 2014?

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Accounting Basics: An intangible asset with an estimated useful life of 30

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Accounting Basics: An intangible asset with an estimated useful life of 30

Reference No:- TGS02868764

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