Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $24,200. Computer, $10,285. Scanner, $26,015. Land for New Warehouse with an Old Building Torn Down Purchase price, $77,900. Demolition of building, $5,290. Lumber sold from old building, $2,880. Grading in preparation for new building, $7,000 Construction of New Building Construction of new building, $290,000 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.
Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values
- Copier, $24,200.
- Computer, $10,285.
- Scanner, $26,015.
Land for New Warehouse with an Old Building Torn Down
- Purchase price, $77,900.
- Demolition of building, $5,290.
- Lumber sold from old building, $2,880.
- Grading in preparation for new building, $7,000
Construction of New Building
- Construction of new building, $290,000
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.
In case of office equipment, the cost to be capitalized in the asset accounts would be:
Copier: $24,200
Computer: $10,285
Scanner: $26,015
Total cost to be capitalized = $60,500
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