BADM*1060 Lecture Notes - Lecture 2: No Entry
Document Summary
Chapter 9 part b intangible assets. July 1st, 2016, defend the patent for ,400. Patent amort exp/year = cost est sal / est life. Chapter 9 part 2 current liabilities: on october 31, 2014, badm1060 inc. sold old delivery equipment for ,000. The delivery equipment was purchased on january 1, 2011, for ,000 and was estimated to have a ,000 residual value at the end of its 8-year life. Depreciation on the delivery equipment has been recoded through december 31, 2013. Prepare the journal entry to record the disposal of the delivery equipment given that he company uses the straight-line method of depreciation. Depreciation expense /year cost estimated salvage estimated life. 54,000 6,000 = 48,000 8 = 6,000/year. ,000: gh ltd. bought equipment for ,000 on january 1, year 1. Estimated the useful life to be 5 years with an estimated salvage vale of ,000, and the straight-line method of depreciation will be used.
