cost of rental equipment is $486,902, accum. amortization is $418,713, net book value for 2006 is $68,169 and 2005 is $74,018. Amortization of rental equipment for the year amounted to $22,205 (2005 - $14,379). i need to calculate the cost for year 2007, the accum. amort. for 2007 and net book value for 2007.
The declining balance rate is 30%. Any additions to rental equipment in the current year are amortized at one-half of the above rates.
1 answer