Question
Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented here. New Office Equipment List price: $41,600; terms:
Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented here.
New Office Equipment
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List price: $41,600; terms: 2/10, n/30; paid within the discount period.
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Transportation-in: $830.
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Installation: $540.
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Cost to repair damage during unloading: $510.
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Routine maintenance cost after eight months: $180.
Basket Purchase of Copier, Computer, and Scanner for $48,100 with Fair Market Values
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Copier, $23,780.
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Computer, $6,380.
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Scanner, $27,840.
Land for New Warehouse with an Old Building Torn Down
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Purchase price, $79,100.
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Demolition of building, $4,670.
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Lumber sold from old building, $1,670.
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Grading in preparation for new building, $8,300.
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Construction of new building, $203,000.
Required
In each of these cases, determine the amount of cost to be capitalized in the asset accounts.
Office equipment:
Basket purchase:
Land and building:
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