In Chapter 2, on page 102, we learned that Kerr Consulting had paid $2,000 cash for a Dell computer on December 3, 2014. On December 4, 2014, Kerr Consulting purchased office furniture on account for $6,000. Both the computer and the furniture are expected to last for five years.
Required
1. Calculate the amount of amortization for each asset for the year ended December 31, 2014, assuming Kerr Consulting uses DDB amortization for both assets.
2. Journalize the entry to record the amortization expense to December 31, 2014. Date the entry December 31, 2014.