An entity acquires an operating licence for 360,000, amortised on a straight-line basis over a useful life of 5 years, with no residual value. The licence is available for use on 1 April, but the entity only starts using it on 1 July. What is the amortisation charge for the year ending 31 December?
- Cost of the licence
- 360,000
- Useful life
- 5