Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List price: $36,900; terms: 2/10 n/30; paid within discount period. 2. Transportation-in: $850. 3. Installation: $530. 4. Cost to repair damage during unloading: $510. 5. Routine maintenance cost after six months: $290. Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values 1. Copier, $25,410. 2. Computer, $7,260. 3. Scanner, $27,830. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $77,900. 2. Demolition of building, $5,370. 3. Lumber sold from old building, $2,330. 4. Grading in preparation for new building, $7,100. 5. Construction of new building, $278,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment: Asset Allocated Costs $ 36,872 Office equipment Basket purchase: Asset Allocated Costs Copier Computer Scanner Total 0 Land and building: Asset Allocated Costs Cost of land Construction costs Total cost $ 0
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