Sicily Pizza purchased baking ovens from New World Deli. New World Deli was closing its bakery business and sold its three-year-old ovens for $327,000. In addition to the purchase price, Sicily Pizza paid shipping costs of $14,600. Employees of Sicily Pizza installed the ovens; labor costs were $15,600. An outside contractor performed some of the electrical work for $2,400. Sicily Pizza consumed pizza dough with a cost of $1,160 in testing the ovens. It then installed new timers on the ovens at a cost of $660 and placed the machines in operation. Required: 1. Complete the following schedule to show the amount at which the ovens should be recorded in Sicily Pizza's Equipment account. Total equipment

Sicily Pizza purchased baking ovens from New World Deli. New World Deli was closing its bakery business and sold its three-year-old ovens for $327,000. In addition to the purchase price, Sicily Pizza paid shipping costs of $14,600. Employees of Sicily Pizza installed the ovens; labor costs were $15,600. An outside contractor performed some of the electrical work for $2,400. Sicily Pizza consumed pizza dough with a cost of $1,160 in testing the ovens. It then installed new timers on the ovens at a cost of $660 and placed the machines in operation. Required: 1. Complete the following schedule to show the amount at which the ovens should be recorded in Sicily Pizza's Equipment account. Total equipment

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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