Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are
Question:
Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here.
New Office Equipment
1. List price: $60,000; terms: 2/10, n/30; paid within the discount period.
2. Transportation-in: $1,500.
3. Installation: $2,500.
4. Cost to repair damage during unloading: $650.
5. Routine maintenance cost after eight months: $350.
Basket Purchase of Copier, Computer, and Scanner for $30,000 with Fair Market Values
1. Copier, $22,000.
2. Computer, $10,000.
3. Scanner, $8,000.
Land for New Warehouse with an Old Building Torn Down
1. Purchase price, $250,000.
2. Demolition of building, $18,000.
3. Lumber sold from old building, $6,000.
4. Grading in preparation for new building, $22,000.
5. Construction of new building, $510,000.
Required
In each of these cases, determine the amount of cost to be capitalized in the asset accounts.
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Office Equipment List Price 60000 Discount 60000 x 2 1200 TransportationIn 1500 Installation ...View the full answer
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