Question
a) Calculate amortization using straight line and declining balance methods. Asset: Equipment acquired for $50,000 Useful Life: 20 years Rated to 500,000 KM life, 60,000
a) Calculate amortization using straight line and declining balance methods.
Asset:
Equipment acquired for $50,000
Useful Life: 20 years
Rated to 500,000 KM life, 60,000 KM current year
Asset deteriorates at 30% a year
b) Prepare a journal entry for each amortization calculation above.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
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