An Intangible Asset with an Estimated Useful Life of 30

question 99

Essay

An intangible asset with an estimated useful life of 30 years was acquired on January 1,2006,for $540,000.On January 1,2016,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 2016?

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