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Part I 300 words
Select one of the following transactions. Determine and explain if the asset in the transaction is subject to amortization, depreciation, or cost recovery.
a. An automobile held for personal use.
b. Excess amounts paid in a business combination that are attributable to goodwill.
c. Excess amounts paid in a business combination that are attributable to customer lists that have a limited useful life.
d. A patent created internally which has a legal life of 17 years.
e. Land held for investment purposes.
f. A covenant not to compete which is entered into by the buyer and seller of a business.
Please do not duplicate your peers.
Part II 300 words
What are some of the challenges a firm might experience when establishing their capital structure at the beginning of the year?