Exercise 7-12 (LO 7-4) Year 2024($18,000 - $2,000) =$3,200 x 9/12=$2,400 5 years 2025($18,000 - $2,000) = $3,200 5 yearsExercise 7-16 (LO 7-5) Requirement 1 January 1, 2024DebitCredit Patents237,000 Cash237,000 December 31, 2024 Amortization Expense39,500 Patents39,500 December 31, 2025 Amortization Expense39,500 Patents39,500 January, 2026 Patents57,000 Cash57,000 December 31, 2026 Amortization Expense*53,750 Patents53,750 *($237,000 - $39,500 - $39,500 + $57,000)/4 remaining years = $53,750 Requirement 2 Balance in the Patent account Patent 237,00039,500 57,00039,500
53,750 161,250 Exercise 7-17 (LO 7-6) Requirement 1 DebitCredit Cash21,600 Accumulated Depreciation23,400* Equipment42,000 Gain3,000 (Sell equipment for a gain) * ($42,000 - $3,000) / 5 = $7,800 per year x 3 years = $23,400 Requirement 2 DebitCredit Cash13,600 Accumulated Depreciation23,400 Loss5,000 Equipment42,000 (Sell equipment for a loss
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order NowGet Online
Assignment Help Services