Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ICA 6 2 Trinkle Company made several purchases of long-term assets during the year. The detalls of each purchase are presented here New Office Equipment

ICA 6 2
image text in transcribed
image text in transcribed
Trinkle Company made several purchases of long-term assets during the year. The detalls of each purchase are presented here New Office Equipment 1. List price: $43.500, terms: 2/10,n/30, paid within the discount period 2. Transportation-in: $710. 3. Installation: $470. 4. Cost to repair damage during unloading: $645. 5. Routine maintenance cost after eight months: $190. Basket Purchase of Copier, Computer, and Scanner for $53,000 with Fair Market Values 1. Copier, $26,796. 2. Computer, $9.570 3. Scanner, $27.434 Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,300. 2. Demolition of building, $5,070. 3. Lumber sold from old building. $2,240. 4. Grading in preparation for new buliding. $6,800. 5. Construction of new bullding, $262,000. 2. Demolition of bullding, $5,070. 3. Lumber sold from old bullding, $2,240. 4. Grading in preparation for new bullding, $6,800. 5. Construction of new bullding. $262,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

5. Structure your speech to make it easy to listen to

Answered: 1 week ago

Question

1. Describe the goals of informative speaking

Answered: 1 week ago