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Find the amortization expense at the end of the first year

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Problem 1: An asset having a four-year service life and a salvage value of 5,000 was acquired for 45,000 cash on April 5. Using straight-line amortization, the amortization expense at the end of the first year, December 31, will be

a. 10,000

b. 7,500

c. 5,000

d. 11,250

Problem 2: For which asset shown in the schedule below is a contra account maintained for the recognition of writing-off its cost over its useful life?

a. mineral deposit

b. patent

c. copyright

d. trademark

Reference no: EM132786834

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