Problem 7-2A (Algo) Determine the acquisition cost of equipment (LO7-1)The Hungarian Market Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakerybusiness and sold its two-year-old ovens at a discount for $686,000. The Hungarian Market incurred and paid freight costs of$28,000, and its employees ran special electrical connections to the ovens at a cost of $3,600. Labor costs were $30,800.Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,600. The Hungarian Market then consumed$840 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,440 and placed the machines inoperation.Required:1. Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipmentaccount.2. Indicate where any amounts not included in the Equipment account should be recorded.Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market'sEquipment account.Total equipment$0< Required 1Required 2 > Problem 7-2A (Algo) Determine the acquisition cost of equipment (LO7-1)The Hungarian Market Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakerybusiness and sold its two-year-old ovens at a discount for $686,000. The Hungarian Market incurred and paid freight costs of$28,000, and its employees ran special electrical connections to the ovens at a cost of $3,600. Labor costs were $30,800.Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,600. The Hungarian Market then consumed$840 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,440 and placed the machines inoperation.Required:1. Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipmentaccount.2. Indicate where any amounts not included in the Equipment account should be recorded.Complete this question by entering your answers in the tabs below.Required 1 Required 2Indicate where any amounts not included in the Equipment account should be recorded.Indicate where any amounts not included in the Equipment account should be recorded.< Required 1Required 2 >

The capital expenditures are never recorded in the income statement the capital expenditure is…

Problem 7-2A (Algo) Determine the acquisition cost of equipment (LO7-1) The Hungarian Market Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold its two-year-old ovens at a discount for $686,000. The Hungarian Market incurred and paid freight costs of $28,000, and its employees ran special electrical connections to the ovens at a cost of $3,600. Labor costs were $30,800. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,600. The Hungarian Market then consumed $840 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,440 and placed the machines in operation. Required: 1. Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipment account. 2. Indicate where any amounts not included in the Equipment account should be recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipment account. Total equipment $ 0

Problem 7-2A (Algo) Determine the acquisition cost of equipment (LO7-1) The Hungarian Market Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold its two-year-old ovens at a discount for $686,000. The Hungarian Market incurred and paid freight costs of $28,000, and its employees ran special electrical connections to the ovens at a cost of $3,600. Labor costs were $30,800. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,600. The Hungarian Market then consumed $840 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,440 and placed the machines in operation. Required: 1. Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipment account. 2. Indicate where any amounts not included in the Equipment account should be recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the following schedule to show the amount at which the ovens should be recorded in The Hungarian Market's Equipment account. Total equipment $ 0

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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