2012 Required information Problem 02-71 (LO 02-4) (Algo) ock [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 $330,000 Ingrid allocated $55,000 of the purchase price to goodwill, Ingrid's business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Problem 02-71 Part b (Algo) b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $12,500 How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3? Year 1 amortization expense Year 2 amortization expense Year 3 amortization expense Phone List Chack my work