Paxson began 2014 with the following non-current asset balances: Plant and equipment (net) $29,500; Patent (net) $14,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Paxson record during 2014?

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Karilyn

3 February, 21:45

Paxson began 2014 with the following non-current asset balances: Plant and equipment (net) $29,500; Patent (net) $14,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Paxson record during 2014?

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Marc Gould · Answer 1

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Explanation:

assets balances for plant and equipment (net) is $29500 while patent (net) is $14000

cost of assets = $29,500 + $14,000 = $43,500

Depreciation per year = cost of asset - salvage value

useful life of an asset

there is no salvage value indicated to calculate depreciation as well as useful live indicated.

for amortisation, which is the process of reducing the value of an asset or the balance of a loan by a periodic amount. it can be said that the information needed to answer the question is insufficient,