E10.2 (LO 1) Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 4. Real estate broker's commission on land purchased 5. Insurance premium paid for first year's insurance on new truck 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, and filling land 9. Architect's fees on self-constructed building Instructions Indicate to which account Benedict would debit each of the costs. $ 5,000 700 2,000 3,500 880 7,200 17,900 13,300 10,000 Determine property, plant, and equipment costs.

E10.2 (LO 1) Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 4. Real estate broker's commission on land purchased 5. Insurance premium paid for first year's insurance on new truck 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, and filling land 9. Architect's fees on self-constructed building Instructions Indicate to which account Benedict would debit each of the costs. $ 5,000 700 2,000 3,500 880 7,200 17,900 13,300 10,000 Determine property, plant, and equipment costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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