On January 1, 2014, the Accumulated Amortization--Machinery account of a particular company showed a balance of $308,000. At the end of 2014, after the adjusting entries were posted, it showed a balance of $330,000. During 2014, one of the machines, which cost $103,400, was sold for $60,500 cash. This resulted in a loss of $3,300. Assuming that no other assets were disposed of during the year, calculate the amount of amortization expense for 2014. Assume a December 31 year-end and adjusting entries are only made at year-end.

Question

Quizplus · Accepted Answer

The Answer of On January 1, 2014, the Accumulated Amortization--Machinery account of a particular company showed a balance of $308,000. At the end of 2014, after the adjusting entries were posted, it showed a balance of $330,000. During 2014, one of the machines, which cost $103,400, was sold for $60,500 cash. This resulted in a loss of $3,300. Assuming that no other assets were disposed of during the year, calculate the amount of amortization expense for 2014. Assume a December 31 year-end and adjusting entries are only made at year-end.

On January 1, 2014, the Accumulated Amortization--Machinery Account of a Particular