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Current Attempt in Progress Shamrock Utilities Corporation incurred the following costs in constructing a new maintenance building during the fiscal period: Direct labour costs incurred up to the point when the building is in a condition necessary for use as management intended, but before Shamrock begins operating in the building, $79,100 Additional direct labour costs incurred before Shamrock begins operating in the building. $5,710 Material purchased for the building, $82,700 Interest on the loan to finance construction until completion, $2,430 Allocation of variable plant overhead based on labour hours worked on the building, $28,500 f. Architectural drawings for the building, $8,200 Allocation of the president's salary, $61,300 a. b. C. d. e. g. What costs should be included in the cost of the new building if Shamrock prepares financial statements in accordance with IFRS? With ASPE? (Assume that, if there is no specific guidance from GAAP, Shamrock's management would consider a building ready for productive use when Shamrock begins operating in the building and would prefer not to capitalize interest costs directly attributable to the acquisition, construction, or development of property, plant, and equipment.) Total cost of new building $ eTextbook and Media IFRS $ ASPE

Current Attempt in Progress Shamrock Utilities Corporation incurred the following costs in constructing a new maintenance building during the fiscal period: Direct labour costs incurred up to the point when the building is in a condition necessary for use as management intended, but before Shamrock begins operating in the building, $79,100 Additional direct labour costs incurred before Shamrock begins operating in the building. $5,710 Material purchased for the building, $82,700 Interest on the loan to finance construction until completion, $2,430 Allocation of variable plant overhead based on labour hours worked on the building, $28,500 f. Architectural drawings for the building, $8,200 Allocation of the president's salary, $61,300 a. b. C. d. e. g. What costs should be included in the cost of the new building if Shamrock prepares financial statements in accordance with IFRS? With ASPE? (Assume that, if there is no specific guidance from GAAP, Shamrock's management would consider a building ready for productive use when Shamrock begins operating in the building and would prefer not to capitalize interest costs directly attributable to the acquisition, construction, or development of property, plant, and equipment.) Total cost of new building $ eTextbook and Media IFRS $ ASPE

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 3C: Cost Issues Deskin Company purchased a new machine to be used in its operations. The new machine was...
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Current Attempt in Progress Shamrock Utilities Corporation incurred the following costs in constructing a new maintenance building during the fiscal period: Direct labour costs incurred up to the point when the building is in a condition necessary for use as management intended, but before Shamrock begins operating in the building, $79,100 Additional direct labour costs incurred before Shamrock begins operating in the building. $5,710 Material purchased for the building, $82,700 Interest on the loan to finance construction until completion, $2,430 Allocation of variable plant overhead based on labour hours worked on the building, $28,500 f. Architectural drawings for the building, $8,200 Allocation of the president's salary, $61,300 a. b. C. d. e. g. What costs should be included in the cost of the new building if Shamrock prepares financial statements in accordance with IFRS? With ASPE? (Assume that, if there is no specific guidance from GAAP, Shamrock's management would consider a building ready for productive use when Shamrock begins operating in the building and would prefer not to capitalize interest costs directly attributable to the acquisition, construction, or development of property, plant, and equipment.) Total cost of new building $ eTextbook and Media Save for Later IFRS $ ASPE Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:Current Attempt in Progress Shamrock Utilities Corporation incurred the following costs in constructing a new maintenance building during the fiscal period: Direct labour costs incurred up to the point when the building is in a condition necessary for use as management intended, but before Shamrock begins operating in the building, $79,100 Additional direct labour costs incurred before Shamrock begins operating in the building. $5,710 Material purchased for the building, $82,700 Interest on the loan to finance construction until completion, $2,430 Allocation of variable plant overhead based on labour hours worked on the building, $28,500 f. Architectural drawings for the building, $8,200 Allocation of the president's salary, $61,300 a. b. C. d. e. g. What costs should be included in the cost of the new building if Shamrock prepares financial statements in accordance with IFRS? With ASPE? (Assume that, if there is no specific guidance from GAAP, Shamrock's management would consider a building ready for productive use when Shamrock begins operating in the building and would prefer not to capitalize interest costs directly attributable to the acquisition, construction, or development of property, plant, and equipment.) Total cost of new building $ eTextbook and Media Save for Later IFRS $ ASPE Attempts: 0 of 3 used Submit Answer
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