New Office Equipment 1. List price: $35,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $850. 3. Installation: $570. 4. Cost to repair damage during unloading: $479. 5. Routine maintenance cost after eight months: $230. Basket Purchase of Copier, Computer, and Scanner for $46,500 with Fair Market Values 1. Copier, $24,640. 2. Computer, $9,520. 3. Scanner, $21,840. Land for New Warehouse with an Old Building Tom Down 1. Purchase price, $76,600. 2. Demolition of building, $4,830. 3. 4. 5. Construction of new building, $282,000. Lumber sold from old building, $2,380. Grading in preparation for new building, $7,400. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office equipment Basket purchase: Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs Total
New Office Equipment 1. List price: $35,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $850. 3. Installation: $570. 4. Cost to repair damage during unloading: $479. 5. Routine maintenance cost after eight months: $230. Basket Purchase of Copier, Computer, and Scanner for $46,500 with Fair Market Values 1. Copier, $24,640. 2. Computer, $9,520. 3. Scanner, $21,840. Land for New Warehouse with an Old Building Tom Down 1. Purchase price, $76,600. 2. Demolition of building, $4,830. 3. 4. 5. Construction of new building, $282,000. Lumber sold from old building, $2,380. Grading in preparation for new building, $7,400. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office equipment Basket purchase: Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:New Office Equipment
1. List price: $35,600; terms: 2/10, n/30; paid within the discount period.
2. Transportation-in: $850.
3. Installation: $570.
4. Cost to repair damage during unloading: $479.
5. Routine maintenance cost after eight months: $230.
Basket Purchase of Copier, Computer, and Scanner for $46,500 with Fair Market Values
1. Copier, $24,640.
2.
Computer, $9,520.
3. Scanner, $21,840.
Land for New Warehouse with an Old Building Tom Down
1. Purchase price, $76,600.
2. Demolition of building, $4,830.
3.
4.
5. Construction of new building, $282,000.
Lumber sold from old building, $2,380.
Grading in preparation for new building, $7,400.
Required
In each of these cases, determine the amount of cost to be capitalized in the asset accounts.
Asset
Office equipment
Basket purchase:
Copier
Computer
Scanner
Total cost to be capitalized
Land and building:
Cost of land
Construction costs
Total cost to be capitalized
Allocated Costs
Total
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