Tamarah9833 Tamarah9833

11-12-2019
Business

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West Co. paid $50,000 for an intangible asset other than goodwill. Fair value of the asset is $55,000. West signed a contract to sell the asset for $10,000 in 10 years. What amount of amortization expense should West record each year?

Respuesta :

ewomazinoade ewomazinoade

12-12-2019

Answer:

$4,000

Explanation:

Intangible assets are usually amortized using the straight line depreciation method.

Depreciation expense = ( Cost - Salvage value) / number of years

= ($50,000 - $10,000)/ 10 = $4000

I hope my answer helps you.

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