What amount should be amortized for the year ended december, Accounting Basics

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What amount should be amortized for the year ended december

Palmiero bought a franchise from Doughert Co. on January 1, 2009, for $350,0000. The carrying amount of the franchise on Dougherty's books on January 1,2009, was $500,000. The franchise agreement had an estimated useful life of 30 years. Because Palmiero must enter a competitive bidding at the end 2018, it is unlikely that the franchise will be retained beyond 2018. What amount should be amortized for the year ended December 31, 2010?

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Accounting Basics: What amount should be amortized for the year ended december

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