Morgan is a CPA who works as an accountant for public company Enlighten Ltd. , a marketing agency. Morgan is currently making the year-end adjustments for the fiscal year ending December 31. One of the required adjusting journal entries is the amortization on a trademark that was purchased on March 1, for $90,000. The company has the legal right to use the trademark for 10 years. The company plans to use the trademark in advertising campaigns for one customer for the next six years. Enlighten amortizes intangible assets on a straight-line basis starting in the month of purchase. What is the amortization to be recorded for the year ending December 31?

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1 Determine the Annual Amortization Expense Purchase Price 90000 Usefu... View the full answer