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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage 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: $44,200; terms: 2/10n/30; paid within discount period. 2. Transportation-in: $760. 3. Installation: $510. 4. Cost to repair damage during unloading: $492. 5. Routine maintenance cost after six months: $100. Basket Purchase of Copier, Computer, and Scanner for $46,500 with Fair Market Values 1. Copier, $20,160. 2. Computer, \$7,280. 3. Scanner, \$28,560. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $79,700. 2. Demolition of building, $5,130. 3. Lumber sold from old building, \$1,040. 4. Grading in preparation for new building, $6,900 Construction of New Building 1. Construction of new building, $241,000 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. In case of office equipment, determine the amount of cost to be capitalized in the asset accounts. \begin{tabular}{|l|l||} \hline \multicolumn{1}{|c|}{ Asset } & Capitalized Costs \\ \hline Copier & \\ \hline Computer & \\ \hline Scanner & \\ \hline Total & \\ \hline \end{tabular} \begin{tabular}{|l|c||} \hline \multicolumn{1}{|c|}{ Asset } & Capitalized Cost \\ \hline Building & \\ \hline \end{tabular}

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