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Alpha Company Ltd. purchased equipment on January 1, 2019, for $250,000. The estimated residual value is $25,000 and the estimated useful life is 15 years. Alpha Company Ltd. uses straight-line method to amortize all property, plant and equipment. On January 1, 2022, Alpha Company Ltd. revised the useful life to be a total of 10 years from date of acquisition.
Prepare the journal entry to record amortization on December 31, 2022. Round to the nearest dollar if necessary.
Supply Curve
The supply curve is a graphical representation that shows the relationship between the price of a good and the quantity of the good that producers are willing to supply.
Zero Economic Profit
A situation where a firm's total revenues are exactly equal to its total costs, including opportunity costs, typically occurring in perfect competition in the long run.
Marginal Firm
A business that operates at the minimum level of profitability where any decrease in market prices would cause it to exit the market.
Accounting Profits
Accounting profits represent the financial gains of a business as calculated by revenue minus explicit costs, according to standard accounting practices.
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