Blossom bought a franchise from Alexander Co. on January 1, 2016, for $305,000. The carrying amount of the franchise on Alexander’s books on January 1, 2016, was $455,000. The franchise agreement had an estimated useful life of 30 years. Because Blossom must enter a competitive bidding at the end of 2018, it is unlikely that the franchise will be retained beyond 2025. What amount should be amortized for the year ended December 31, 2017?
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Blossom bought a franchise from Alexander Co. on January 1, 2016, for $305,000. The carrying amount...
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