The Accounts of the Tool Bin Inc $\begin{array} { l } \text {Beginning balance. }&\$12,000 \\ \text { New tools purchased during 2001}&3,000 \\\end{array}$

question 18

Essay

The accounts of The Tool Bin Inc.at the end of 2014,showed the tools account as follows: $\begin{array} { l } \text {Beginning balance. }&\$12,000 \\ \text { New tools purchased during 2001}&3,000 \\\end{array}$
At the end of 2014,the tools were inventoried at "cost in present condition" as $12,500.The amount of the adjusting entry for amortization expense at the end of 2014,assuming the inventory/appraisal system,should be $_________________________.

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