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calculate the total cost of each assets using the table Wonder Mountain Company operates a snow sports resort for skiers and snowboarders. The company has
calculate the total cost of each assets using the table
Wonder Mountain Company operates a snow sports resort for skiers and snowboarders. The company has recently decided to replace an existing old chair lift with a new high-speed quad chair and expand the hill to allow for increased capacity. The old chair lift was a $800,000 asset on the books, 90% depreciated. The work was completed from April to November Wonder Mountain incurred the following costs for the expansion: Invoice price high-speed quad chair lift Costs to dismantle old chair lift Cash received for sale used chair lift Shipping costs for delivery Landscape architect fees, grading expansion hill $1,650,000 35,300 165,000 22,630 9,705 6,565 Permit costs 52,899 113,750 Helicopter Clearing trees/grading land for expansion Installation of concrete bases for chair lift rental to install towers for chair lift Labour installation ski lift Training employees on maintenance and operation Testing of chair lift Interest costs on loan for construction General overhead costs Annual routine maintenance Purchase tools required for annual maintenance 99,000 345,000 10,825 33,550 74,250 36,650 52,600 91,150 Required: Calculate the total cost for each asset: Required: Calculate the total cost for each asset: Total cost a. Land b. Ski lift C. ToolsStep by Step Solution
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