Loan Payoff Form With Amortization In Collin
Description
Form popularity
FAQ
On the income statement, typically within the “depreciation and amortization” line item, will be the amount of an amortization expense write-off. On the balance sheet, as a contra account, will be the accumulated amortization account. It is located after the intangible assets line item.
Intangible fixed assets Royalties are generally deductible on an accounts basis, and, except in relation to 'grandfathered' assets owned by the group on 31 March 2002, the accounts' amortisation of intangible assets is also deductible (with an option to take a flat 4% deduction even if not amortised in the accounts).
Assuming you understand how to calculate the annual amortization expense, the journal entry to record the expense is straight-forward. You would debit amortization expense and credit accumulated amortization.
You can ask your lender for an amortization schedule, but this might not be as helpful if you're looking to see how extra payments could impact that schedule.
