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Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year

Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year

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Johnson, Incorporated had the following transactions during the year:

  • Purchased a building for $5,000,000 using a mortgage for financing
  • Paid $2,000 for ordinary repair on a piece of equipment
  • Sold product on account to customers for $1,500,600
  • Purchased a copyright for $5,000 cash
  • Paid $20,000 cash to add a storage shed in the corner of an existing building
  • Paid $360,000 in monthly salaries
  • Paid $25,000 for routine maintenance on equipment
  • Paid $110,000 for major repairs

If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year

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