On June 1, 2019, Red Corporation Purchased an Existing Business

question 41

Multiple Choice

On June 1, 2019, Red Corporation purchased an existing business.With respect to the acquired assets of the business, Red allocated $300,000 of the purchase price to a patent.The patent will expire in 20 years.Determine the total amount that Red may amortize for 2019 for the patent.

• A)$0
• B)$1,667
• C)$11,667
• D)$35,000

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