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1.On August 7, Green River Inflatables Co. paid $1,675 to purchase and install a hydraulic lift, and $40 for an air filter for one of

1.On August 7, Green River Inflatables Co. paid $1,675 to purchase and install a hydraulic lift, and $40 for an air filter for one of its delivery trucks.

a.Journalize the entries for the new hydraulic lift and the air filter expenditure.

b.Why are expenditures on equipment and other fixed assets sometimes capitalized (treated as an asset) and other times expensed?

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