1.Kant Enterprises purchases a truck for $33000 on July 1, 2017. The Truck has an estimated residual value of $3000 and an estimated useful life of 5 years or a total mileage of 300,000 KMs. If 50,000 KMs are driven in 2017, what will be the amortization expense using the units of activity method?

2.Using the information above, what would be the amortization expense if Kant used the doubledeclining balance rate?

3.On January 1, 2014, Lapointe Inc. purchased equipment for $60,000. At that time, the equipment was estimated to have a useful life of 7 years and a residual value of $4000. On January 4, 2017, Lapointe upgrade this equipment at a cost of $9000. Lapointe estimates that equipment will now have a useful life of 9 years and a residual value of $3000. Calculate the 2017 amortization expense for the equipment

4.Mactaquac Co. bought a piece of high-tech equipment on July 1, 2015 for $30,000. The equipment was expected to last four years and have a residual value of $4000.On July 1, 2016,Mactaquac bought and installed a new part on the equipment which will make it more productive. Mactaquac paid $5000 for the part and an additional $500 for the installation and testing. The equipment is expected to last six years in total now and have a residual value of $3000. Use straight-line amortization for the following questions.a)record the journal entry for the annual amortization on June 30, 2016b)record the purchase of the part on July 1, 2016c)record the journal entry for the annual amortization on June 302017

Download the transactions for theAmortization assignment.You may submit your answers in whatever format you find most convenient. There is also ageneral journal spreadsheet templateif you would like to use it