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Smith Co. bought a window franchise from Paine, Inc., on January 2, 2008, for $100,000. A highly regarded independent research company estimated that the remaining useful life of the franchise was 50 years. Its unamortized cost on Paine's books at January 1, 2008, was $15,000. Smith has decided to prepare off the franchise over the longest possible period. How much should be amortized by Smith Co. for the year ended December 31, 2008?

A) $375

B) $2,000

C) $2,500

D) $15,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995865

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