Kieso, Intermediate Accounting, 17e Time: 11:50 AM / Remaining: 114 min. Question 1 On January 2, year 1, Parke Corp. replaced its boiler with a more efficient one. The following information was available on t Purchase price of new boiler $60,000 Carrying amount of old boiler 5,000 Fair value of old boiler 2,000 Installation cost of new boiler 8,000 The old boiler was sold for $2,000. What amount should Parke capitalize as the cost of the new boiler? @ $60,000 $68,000 @ $66,000 $63,000 Click if you would like to Show Work for this question: Qeen Show Work