The Accounts of the Tool Bin Inc At the End of 2014, the Tools Were Inventoried at of 2014

question 105

Short Answer

The accounts of The Tool Bin Inc. at the end of 2014, showed the tools account as follows: $\begin{array} { | l | l | l | } \hline \text { Beginning balance } & \$ 12,000 & \\\hline \text { New tools purchased during 2001 } & & 3,000 \\\hline\end{array}$ 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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