Minott Jewelers, Ltd., purchased store fixtures, display cases, and a maximum-security commercial safe for a lump-sum price

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Minott Jewelers, Ltd., purchased store fixtures, display cases, and a maximum-security commercial safe for a lump-sum price of $14,000 from a bankrupt competitor. Appraised values were as follows: store fixtures, $6,000; display cases, $9,000; commercial safe, $5,000.

Required:
What cost should be recorded for the commercial safe?

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Related Book For  book-img-for-question

Accounting What the Numbers Mean

ISBN: 978-0078025297

10th edition

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

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