Complete the following transactions and calculations related to amortization. Make your own spreadsheet file. Put each separate question on a separate worksheet/tab in your Excel file.

HELPFUL resource - Link to page 473 of the Weygandt Accounting Principles text, on revising periodic amortization: Weygandt page 473. Revising amortization is ALSO illustrated in the practice exercise for this activity.

BATAM Unit 2, Activity 5 Assignment Amortization, Disposal & Trading of Assets Create your own spreadsheet file to show the calculations for all of the following. It would be best if you used a different sheet/tab for each question, but only one document. ***USE FORMULAS whenever possible. 1 6 1. Amortization Methods. The Flakeboard Company purchased three machines. Various amortization methods were selected. Information is as follows: Machine Acquired Cost Residual Value Useful Years Method Jan 1/99 $96.000 $6,000 10 Straight-line 2 Jan 1/00 $60,000 $10,000 8 Declining Balance 3 Nov 1/01 $66,000 $6,000 Units-of-activity For the declining balance method, the company uses double the declining balance rate. For the units-of-activity method, total machine hours are expected to be 24.000. Actual hours in the first two years were 1000 in 2001 and 4500 in 2002. Calculate the amount of amortization for each method and then calculate the accumulated amortization for each method as of December 31, 2002. ** SHOW the amortization for each year, and the accumulated amortization at the end of each year. 2. Show the journal entry for December 31, 2002 for each of the above machines. 3. Express Co.has delivery equipment that cost $45,000 when it was purchased on July 1, 2000. The delivery equipment has a useful life of five years, with an expected residual value of $5,000. The equipment sold on June 30, 2003. Express Co. uses the straight-line method of amortization Instructions: Record the journal entries to dispose of this asset under the following assumptions: a) It was scrapped as having no value. b) It was sold for $25,000. c) It was sold for $18,000. 4. The Campbell Corporation acquired a new airplane that had a list price of $140 000 on January 1, 2013. They traded in their old airplane which had historical cost of $75 000, with accumulated amortization of $42 000. The company paid the list price minus the trade-in amount of $25,000. The fair market value of the old airplane was $15 000. Record the journal entry for this transaction