Quintessa acquired for 120,000 a licence to use a cosmetics brand. After an impairment loss, the licence is carried at 63,000; it has 7 years of use left and its residual value is 0. Compute the annual straight-line amortisation from the following period.
- Acquisition cost of the licence
- 120,000
- Carrying amount after impairment
- 63,000
- Residual value
- 0
- Remaining useful life
- 7