Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List price: $43,300; terms: 2/10 n/30; paid within discount period. 2. Transportation-in: $860. 3. Installotion: $560 4. Cost to repair damage during unloading: $441, 5. Routine maintenance cost after six months: $260. Basket Purchase of Copier, Computer, and Scanner for $50,900 with Fair Market Values 1. Copier, $25,133 2. Computer, $8,582 3. Scanner $27,585 Land for New Warehouse with an Old Building Torn Down 1. Purchase price $84,000 2. Demolition of building, $5,100. 3. Lumber sold from old building. $1.650 4. Grading in preparation for new building $7,400 Construction of New Building 1. Construction of new building, $254.000 Required In case of office equipment, determine the amount of cost to be capitalized in the asset accounts. In case of basket purchase, determine the amount of cost to be capitalized in the asset accounts. In case of land, determine the amount of cost to be capitalized in the asset accounts. In case of new building, determine the amount of cost to be capitalized in the asset accounts. Complete this question by entering your answers in the tabs below. Office Basket Purchase Land Equipment Building In case of office equipment, determine the amount of cost to be capitalized in the asset accounts. Capitalized Cost Asset Office equipment Complete this question by entering your answers in the tabs below. Office Equipment Basket Purchase Land Building In case of basket purchase, determine the amount of cost to be capitalized in the asset accounts. Capitalized Costs Asset Copier Computer Scanner Total $ 0 Complete this question by entering your answers in the tabs below. Office Equipment Basket Purchase Land Building In case of land, determine the amount of cost to be capitalized in the asset accounts. Asset Capitalized Cost Land Complete this question by entering your answers in the tabs below. Office Equipment Basket Purchase Land Building In case of new building, determine the amount of cost to be capitalized in the asset accounts. Asset Capitalized Cost Building

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

Recommended Textbook for

College Accounting A Practical Approach 1-15

Authors: Jeffrey Slater

4th Edition

013142050X, 978-0131420502

More Books

Students also viewed these Accounting questions