smith company acquires a franchise from west corp for $200,000. the franchise agreement covers a period of 10 years. compute amortization expense for the second year.

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10-11-2022
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smith company acquires a franchise from west corp for $200,000. the franchise agreement covers a period of 10 years. compute amortization expense for the second year.

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Qwclear Qwclear · Answer 1 · 2022-11-15T17:47:36+01:00

The amortization expense for second year will be equal to $20000 per year.

Amortization may be defined as the difference of the acquisition cost and the value of the intangible assets. It is used to determine the useful life of the product, its manufacturing cost, expiry date, manufactured date and its usefulness to the consumer. Whether the product can be used for a longer period of time or not can be determined by the amortization. The formula for calculating the amortization will be expressed as

Amortization = Price acquired/Time

According to the question, Price acquired = $200000, Time = 10 years

Amortization = $200000/10

Amortization = $20000 per year

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