Question
A company purchased a building on January 1, 2024, for $257,000. In addition, during 2024 the following costs related to the building have been incurred:
A company purchased a building on January 1, 2024, for $257,000. In addition, during 2024 the following costs related to the building have been incurred:
| Utilities | $ 19,000 |
|---|---|
| Property tax | 4,700 |
| Expansion of the building | 60,000 |
| New air-conditioning system | 35,000 |
| General maintenance | $ 26,000 |
The total amount of the expenditures that should be capitalized for the year (not including the initial purchase of the building) equals?
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Intermediate Accounting
Authors: David Spiceland
11th Edition
1264134525, 9781264134526
