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Assume that Nolola acquires a competitor's assets on March 31st. The purchase price was $150,000....

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Accounting

Assume that Nolola acquires a competitor's assets on March 31st. The purchase price was $150,000. Of that amount, $125,000 is allocated to tangible assets and $25,000 is allocated to goodwill (a 197 intangible asset). What is Nolola's amortization deduction for the current year? (Round final answer to the nearest whole number.)

Multiple Choice

  • $1,250.

  • $1,319.

  • $0.

  • $1,389.

  • None of the choices are correct.

Answer & Explanation Solved by verified expert
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