An Intangible Asset with an Estimated Useful Life of 30

question 159

Essay

An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2009, for $540,000. On January 1, 2019, a review was made of intangible assets and their expected service lives. 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 2019?

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Definitions:

Hypoglossal Nerves

Cranial nerves responsible for controlling the movements of most of the muscles in the tongue, crucial for speech, swallowing, and food manipulation.

Vagus Nerves

The tenth cranial nerves, extending from the brainstem to the abdomen, which play critical roles in controlling heart, digestive, and respiratory functions.

Sympathetic Division

A part of the autonomic nervous system that prepares the body for physical activity by accelerating heart rate, constricting blood vessels, and raising blood pressure.

Autonomic Nervous System

A system that is in charge of the body’s automatic functions, such as the respiratory and gastrointestinal systems.