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Required information Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed...

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Accounting

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Required information Problem 10-71 (LO 10-4) (Algo) [The following information applies to the questions displayed below] After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1 , Ingrid acquired the competing business for $324,000. Ingrid allocated $54,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-71 Part b (Algo) In lieu of the original facts, assume that ingrid purchased only a phone list with a useful life of five years for $12,000. How much mortization expense on the phone list can ingrid deduct in year 1 , year 2 , and year 3 ? Answer is complete but not entirely correct

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