Assume That Brittany Acquires a Competitor's Assets on September 30^th

question 20

Multiple Choice

Assume that Brittany acquires a competitor's assets on September 30^th of year 1 for $350,000. Of that amount, $300,000 is allocated to tangible assets and $50,000 is allocated equally to two §197 intangible assets (goodwill and a 1-year non-compete agreement) . Given, that the non-compete agreement expires on September 30^th of year 2, what is Brittany's amortization expense for the second year, rounded to the nearest whole number?

• A) $0
• B) $1,667
• C) $2,917
• D)$3,333
• E)None of these

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Definitions:

Rainer of Huy

A medieval artist from the Meuse region, known for his work in bronze, particularly baptismal fonts that combine Romanesque and Gothic styles.

Baptistery

In Christian architecture, the building used for baptism, usually situated next to a church. Also, the designated area or hall within a church for baptismal rites.

Greco-Roman Peripteral

Referring to a type of ancient temple architecture characterized by a single row of columns surrounding the entire structure.

Early Christian Basilica

A type of building that was used in the early Christian church for worship, characterized by its rectangular shape, nave, aisles, and apse.