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Medical Questions
Your Question
Please Journalize the entries below.
July 1 2011 Paid $510000 cash for a small aircraft, plus $30800 in PST and $5000 for transportation. The aircraft was estimated to have a 4 year life and a $69000 residual value.
Oct 2 2011 Paid 7320 to install air conditioning in the aircraft. This increased the estimated residual value of the aircraft by $2220.
Dec 31 2011 recorded straight-line method amortization on the aircraft to the nearest whole month.
Check figures: Dec 31/11 Amort expense aircraft $59940
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