Question

Huxley Company incurs the following expenditures, which may be capital expenditures or operating expenditures:
a. Cost of installing machinery
b. Cost of moving machinery
c. Repairs as a result of an accident
d. Cost of major overhaul
e. Installation of safety device required as a result of OSHA inspection
f. Property taxes on land and buildings
g. Replacement of the roof on a Escrow building that extended the life of the building
h. Cost of rearranging offices expected to increase operational efficiency
i. Cost of annual repainting of offices
j. Ordinary repairs
Required:
1. How would Huxley record each of the expenditures under U.S. GAM'?
2. How would your answers change if Huxley uses 1FRS?


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  • CreatedOctober 05, 2015
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