Question: QUESTION 1 - Amortization (15 marks) A. Jan 1 2013, Sanford and Sons purchased equipment for $87,500 which had an estimated useful life of 10

QUESTION 1 - Amortization (15 marks) A. Jan 1 2013, Sanford and Sons purchased equipment for $87,500 which had an estimated useful life of 10 years with an expected residual value of $5,000. At Dec 31, 2018, the equipment's accumulated amortization is $60,000. Prepare the journal entry to record the sale of the equipment at the end of the fifth year for $25,000 cash. B. If double declining balance method were used. What would be the amount of amortization expunse at Dec 31, 20152

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