On January 1,2013,N'Store for U Ltd.purchased a weight machine for $11,000.The machine has an estimated useful life of 4 years and a $1,000 estimated residual value.It will be depreciated using the SYD method.The amortization expense and accumulated amortization account balances,before the closing entries on December 31,2014 (end of the accounting period) will be: $$\begin{array} { | l | l | l | }
\hline & \text { 2014 Amortization } & \text { Accumulated amortization } \
\hline & \text { Expense } & \text { at the end of 2014 } \
\hline 1 & \$ 3,000 & \$ 4,000 \
\hline 2 & 3,000 & 7,000 \
\hline 3 & 4,000 & 4,000 \
\hline 4 & 4,000 & 7,000 \
\hline
\end{array}$$

Question

On January 1,2013,N'Store for U Ltd.purchased a weight machine for $11,000.The machine has an estimated useful life of 4 years and a $1,000 estimated residual value.It will be depreciated using the SYD method.The amortization expense and accumulated amortization account balances,before the closing entries on December 31,2014 (end of the accounting period) will be: $$\begin{array} { | l | l | l | } 
\hline & \text { 2014 Amortization } & \text { Accumulated amortization } \
\hline & \text { Expense } & \text { at the end of 2014 } \
\hline 1 & \$ 3,000 & \$ 4,000 \
\hline 2 & 3,000 & 7,000 \
\hline 3 & 4,000 & 4,000 \
\hline 4 & 4,000 & 7,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On January 1,2013,N'Store for U Ltd.purchased a weight machine for $11,000.The machine has an estimated useful life of 4 years and a $1,000 estimated residual value.It will be depreciated using the SYD method.The amortization expense and accumulated amortization account balances,before the closing entries on December 31,2014 (end of the accounting period) will be: $$\begin{array} { | l | l | l | } 
\hline & \text { 2014 Amortization } & \text { Accumulated amortization } \
\hline & \text { Expense } & \text { at the end of 2014 } \
\hline 1 & \$ 3,000 & \$ 4,000 \
\hline 2 & 3,000 & 7,000 \
\hline 3 & 4,000 & 4,000 \
\hline 4 & 4,000 & 7,000 \
\hline
\end{array}$$

On January 1,2013,N'Store for U Ltd A)Choice 1 B)Choice 2 C)Choice 3 D)Choice 4

On January 1,2013,N'Store for U Ltd A)Choice 1
B)Choice 2
C)Choice 3
D)Choice 4