acct1012 a#3 submission w06

acct1012 a#3 submission w06 - accounting fundamentals...

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ACCT 1012 ASSIGNMENT# 3 Question# 1 Journal Entries: Apr 30 Amortization Expense $6,000.00 Accumulated Amortization $ 6,000.00 Apr 30 Accumulated Amortization $60,000.00 P.Equipment $ 60,000.00 Apr 30 Cash $50,000.00 Accumulated Amortization 60,000.00 P.Equipment $90,000.00 Gain on Disposal 20,000.00 Question# 2 a) STRAIGHT LINE METHOD SCHEDULES YEAR AMORTIZATIO N COST AMORTIZATIO N RATE AMORTIZATIO N EXPENSE ACCUMULATE D AMORTIZATION NET BOOK VALUE $60,000.00 2005 $50,000.00 20% $7,500.00 $7,500.00 $52,500.00 2006 $50,000.00 20% $10,000.00 $17,500.00 $42,500.00 2007 $50,000.00 20% $10,000.00 $27,500.00 $32,500.00 2008 $50,000.00 20% $10,000.00 $37,500.00 $22,500.00 2009 $50,000.00 20% $10,000.00 $47,500.00 $12,500.00 2010 $50,000.00 20% $2,500.00 $50,000.00 $10,000.00 DOUBLE-DECLINING BALANCE METHOD YEAR NBV BEGIN OF YEAR AMORTIZATIO N RATE AMORTIZATIO N EXPENSE ACCUMULATE D AMORTIZATION NET BOOK VALUE $60,000.00 2005 $60,000.0 0 40% $18,000.00 $18,000.00 $42,000.00 2006 $42,000.0 0 40% $16,800.00
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This note was uploaded on 08/02/2010 for the course ACCT 1012 taught by Professor Peter during the Spring '10 term at Oral Roberts.

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acct1012 a#3 submission w06 - accounting fundamentals...

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