Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment
Check my work Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $38,200; terms. 2/10, n/30: paid within the discount period. 2. Transportation-in: $900. 3. Installation: $590. 4. Cost to repair damage during unloading: $490. 5. Routine maintenance cost after eight months: $120. W Basket Purchase of Copier, Computer, and Scanner for $53,700 with Fair Market Values 1. Copier, $23,939. 2. Computer, $7,764. 3. Scanner, $32,997. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $76,800. 2. Demolition of building, $5,270. 3. Lumber sold from old building, $1,060. 4. Grading in preparation for new building. $7,700. 5. Construction of new building, $294,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Allocated Costs Total Office equipment Basket purchase Copier Computer Scanner Total cost to be capitalized Land and building: 19,869 6,444 27,387 53,700 Cost of land Construction costs Total cost to be capitalized $ 0 M
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started