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The German Brewery 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 $685,000. The German Brewery incurred and paid freight costs of $27,500, and its employees ran special electrical connections to the ovens at a cost of $3,500. Labor costs were $30,300. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,500. The German Brewery then consumed $850 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,450 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 German Brewery's Equipment account. 2. Indicate where any amounts not included in the Equipment account should be recorded.

The German Brewery 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 $685,000. The German Brewery incurred and paid freight costs of $27,500, and its employees ran special electrical connections to the ovens at a cost of $3,500. Labor costs were $30,300. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,500. The German Brewery then consumed $850 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,450 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 German Brewery's Equipment account. 2. Indicate where any amounts not included in the Equipment account should be recorded.

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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ces The German Brewery 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 $685,000. The German Brewery incurred and paid freight costs of $27,500, and its employees ran special electrical connections to the ovens at a cost of $3,500. Labor costs were $30,300. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,500. The German Brewery then consumed $850 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,450 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 German Brewery'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 German Brewery's Equipment account. Total equipment Required 1 Required 2 >
Transcribed Image Text:ces The German Brewery 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 $685,000. The German Brewery incurred and paid freight costs of $27,500, and its employees ran special electrical connections to the ovens at a cost of $3,500. Labor costs were $30,300. Unfortunately, one of the ovens was damaged during installation, and repairs cost $3,500. The German Brewery then consumed $850 of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $1,450 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 German Brewery'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 German Brewery's Equipment account. Total equipment Required 1 Required 2 >
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