Reference no: EM132761390
Question: GNL Incorporated purchased a new piece of equipment for $60,000. The exchange added to and paid in cash on the transaction was $20,000. Freight paid was $9,000, installation and testing once on location was $5,000. All items were paid for and the equipment was installed and operational on January 1, 2019 and the year-end is December 31, 2019. salvage value is $14,000 and useful life is 10 years
a) If the purchase price and residual value remain the same and estimated units of production for the life of the unit was 125,000 units, and the units produced in year one was 12,200 units and in year two was 13,600 units.What would the per unit depreciation amount be? What would the amortization expense be for year one and then for year two? What is the net carrying amount after year two?
b) Again if the purchase price, residual value, and installation date were the same as requirements one and two but instead of the straight line method, the double declining balance method was used at 15% .What would the amortization expense be for year one and year two? Prepare the journal entry to record the amortization for the first year, include a description.
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