{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Exercise 8-30 292[1]

Exercise 8-30 292[1] - 18,667 DR Loss on disposal 16,333 CR...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Exercise 8-30 Solution 292 8-30 a) Jan 1, 2006 DR Machine 90,000 CR Cash 20,000 CR Note payable 70,000 b) Dec 31, 2006 DR Amortization expense 8,000 CR Accumulated amortization 8,000 Dec 31, 2007 DR Amortization expense 8,000 CR Accumulated amortization 8,000 Apr 30, 2008 DR Amortization expense* 2,667 CR Accumulated amortization 2,667 * $8,000 x 4/12 = 2,667 Apr 30, 2008 DR Cash 55,000 DR Accumulated Amortization
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 18,667 DR Loss on disposal 16,333 CR Machine 90,000 c) 1. 2006 90,000 x (1/10 x 2) = $18,000 2007 (90,000 – 18,000) x (1/10 x 2) = $14,400 2. Apr 30, 2008 DR Amortization expense* 3,840 CR Accumulated amortization 3,840 * (90,000 – 18,000 – 14,400) x (1/10 x 2) x 4/12 = 3,840 Apr 30, 2008 DR Cash 55,000 DR Accumulated Amortization 36,240 CR Gain on disposal 1,240 CR Machine 90,000...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern