All the information you need is in the photos so the questions should not be rejected. Please do not use Excel and please show your work and provide explanations on how you got your answer. Calculate the revised monthly amortization expense as of September 1, 2024.Revised monthly amortization $List of AccountsCalculate the accumulated amortization and book value on December 31, 2024.Accumulated amortization $Book value$549 Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website to include the online sale of mixers and payment by credit card. This would enable her to sell these mixers to a wider range of customers using theInternet.Natalie contacts her brother who originally prepared the website for her. He agrees to upgrade the site so it can handle credit card security issues as well as direct order entry. The cost of the upgrade is $1,800. This cost would be incurred and paid for during the month ofAugust 2024, and the upgrade would be operational September 1, 2024. Recall that Natalie's website had an original cost of $600 and is being amortized using the straight-line method over 24 months, starting December 1, 2023, with zero residual value. Additional costs forwebsite maintenance and insurance are estimated to be $1,200 per year.If Natalie decides to upgrade the website, its useful life will not change and there will be no change in residual value.2Prepare the journal entry to record the upgrade. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationAug. 31List of AccountsMonthly amortizationCalculate the monthly amortization expense before the upgrade and the accumulated amortization and book value on August 31, 2024.$Accumulated amortization $Book valueDebit$Credit

Amortization refers to the reduction in the book value of Intangible assets, generally few methods…

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All the information you need is in the photos so the questions should not be rejected. Please do not use Excel and please show your work and provide explanations on how you got your answer.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Question

All the information you need is in the photos so the questions should not be rejected. Please do not use Excel and please show your work and provide explanations on how you got your answer.

Calculate the revised monthly amortization expense as of September 1, 2024.
Revised monthly amortization $
List of Accounts
Calculate the accumulated amortization and book value on December 31, 2024.
Accumulated amortization $
Book value
$
549

Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website to include the online sale of mixers and payment by credit card. This would enable her to sell these mixers to a wider range of customers using the
Internet.
Natalie contacts her brother who originally prepared the website for her. He agrees to upgrade the site so it can handle credit card security issues as well as direct order entry. The cost of the upgrade is $1,800. This cost would be incurred and paid for during the month of
August 2024, and the upgrade would be operational September 1, 2024. Recall that Natalie's website had an original cost of $600 and is being amortized using the straight-line method over 24 months, starting December 1, 2023, with zero residual value. Additional costs for
website maintenance and insurance are estimated to be $1,200 per year.
If Natalie decides to upgrade the website, its useful life will not change and there will be no change in residual value.
2
Prepare the journal entry to record the upgrade. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
Aug. 31
List of Accounts
Monthly amortization
Calculate the monthly amortization expense before the upgrade and the accumulated amortization and book value on August 31, 2024.
$
Accumulated amortization $
Book value
Debit
$
Credit

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