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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

FINANCIAL ACCOUNTING
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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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
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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