1 2 points eBook Print References Repainted the building Major improvement to the plumbing Replaced carpet in the plant's accounting offices Added a 7,000-square-foot lobby Repaired a broken water main Saved Exercise 11-3 Capitalizing costs subsequent to acquisition (LO 11-2) Gonzo Co. owns a building in Georgia. The building's historical cost is $970,000, and $440,000 of accumulated depreciation has been recorded to date. During 20X1, Gonzo incurred the following expenses related to the building: Required: 1. Determine which of the costs incurred by Gonzo Co. should be capitalized and which should be expensed. 2. What is the subsequent carrying amount of the building prior to recording 20X1 depreciation expense? Required 1 Required 2 $ 48,000 109,000 47,600 234,600 155,800 Complete this question by entering your answers in the tabs below. Repainted the building Determine which of the costs incurred by Gonzo Co. should be capitalized and which should be expensed. Capitalized or Expensed? Help Save & Exit Subm