Adjusting entry: CMC records depreciation and amortization expense annually as one compound adjusting journal entry. They do not use an accumulated...

Adjusting entry:

CMC records depreciation and amortization expense annually as one compound adjusting journal entry. They do not use an accumulated amortization account. Annual depreciation rates are 7% for Buildings/Equipment/Furniture which is $1,209,401, no salvage. (Round to the nearest whole dollar.) Annual Amortization rates are 10% of original cost, straight-line method, no salvage. The patent was acquired on October 1, 2015 for $217,000. The last time depreciation & amortization were recorded was December 31, 2016.