Fill in the table shown below indicating the period of time over which each intangible asset should be amortized,and indicate the amount of amortization expense that should be reported for 2017.
$$\begin{array} { | l | c | c | }
\hline & \text { Goodwill } & \text { Trademark } \
\hline \text { Cost } & \$ 80,000 & \$ 55,000 \
\hline \text { Date of purchase } & \text { June } 30,2017 & \text { January } 1,2017 \
\hline \text { Legal life } & \text { Forever } & 20 \text { years } \
\hline \text { Useful life } & 60 \text { years } & 10 \text { years } \
\hline \text { 2017 Am ontization expense } & & \
\hline
\end{array}$$

Question

Fill in the table shown below indicating the period of time over which each intangible asset should be amortized,and indicate the amount of amortization expense that should be reported for 2017.
 $$\begin{array} { | l | c | c | } 
\hline & \text { Goodwill } & \text { Trademark } \
\hline \text { Cost } & \$ 80,000 & \$ 55,000 \
\hline \text { Date of purchase } & \text { June } 30,2017 & \text { January } 1,2017 \
\hline \text { Legal life } & \text { Forever } & 20 \text { years } \
\hline \text { Useful life } & 60 \text { years } & 10 \text { years } \
\hline \text { 2017 Am ontization expense } & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Fill in the table shown below indicating the period of time over which each intangible asset should be amortized,and indicate the amount of amortization expense that should be reported for 2017.
 $$\begin{array} { | l | c | c | } 
\hline & \text { Goodwill } & \text { Trademark } \
\hline \text { Cost } & \$ 80,000 & \$ 55,000 \
\hline \text { Date of purchase } & \text { June } 30,2017 & \text { January } 1,2017 \
\hline \text { Legal life } & \text { Forever } & 20 \text { years } \
\hline \text { Useful life } & 60 \text { years } & 10 \text { years } \
\hline \text { 2017 Am ontization expense } & & \
\hline
\end{array}$$

Fill in the Table Shown Below Indicating the Period of Time