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Calculate amortization using straight line method

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Reference no: EM133003677

Problem 1: Calculate amortization using straight line and declining balance methods -

Asset:

Equipment acquired for $50,000

Useful Life: 20 years

Rated to 500,000 km life, 60,000 km current year

Asset deteriorates at 30% a year

Prepare the journal entry for each amortization calculation above.

Reference no: EM133003677

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