Wall Company bought a trademark from Black Corporation on January 1 for $112,000. An independent consultant retained by Wall estimated that the remaining useful life is 50 years. Its unamortized cost on Black's accounting records was $56,000. Wall decided to write off the trademark over the maximum period allowed. However, the pattern of consumption of the economic benefits of the trademark is not reliably determinable. How much should be amortized for the year ended December 31?

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Introduction When Wall Company acquired the trademark from Black Corporation it was purchased for 112000 The independent consultants assessment of the ... View the full answer