SE9-1 Calculate Amount to Capitalize The Miller Company paid $10, 000 to acquire a 100-ton press. Freight charges to deliver the equipment amounted to $1,500 and were paid by Miller. Installation costs amounted to $570, and machine testing charges amounted to $250. Calculate the amount that should be capitalized to the Equipment account.
SE9-1 Calculate Amount to Capitalize The Miller Company paid $10, 000 to acquire a 100-ton press. Freight charges to deliver the equipment amounted to $1,500 and were paid by Miller. Installation costs amounted to $570, and machine testing charges amounted to $250. Calculate the amount that should be capitalized to the Equipment account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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SE9-1 Calculate Amount to Capitalize
The Miller Company paid $10, 000 to acquire a 100-ton press. Freight charges to deliver the equipment amounted to $1,500 and were paid by Miller. Installation costs amounted to $570, and machine testing charges amounted to $250. Calculate the amount that should be capitalized to the Equipment account.
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