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Revising Depreciation
Odessa Drones Inc has a patent on a specialized drone. The company has amortized the patent on a straight-line basis for the past 4 years, when it was acquired at a cost of $10.8 million at the beginning of that year. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the beginning of this year.
a. Calculate the current annual amortization
Cost
Current usefule life
Depreciation per year #DIV/0!
b. Calculate the Amortiztion to date and unamorrtized balance
Annual amortization
Years in service
Unamortized balance
c. Calculate the new annual amortization
Estimated remaining useful life
New Annual Amortization
d. Prepare the journal entry for the annual amortization
Debit Credit
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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