Homework Help is Here – Start Your Trial Now!
Business
Accounting
Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $42,400; terms: 2/10 n/30; paid within discount period. Transportation-in: $770. Installation: $550. Cost to repair damage during unloading: $567. Routine maintenance cost after eight months: $220. Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $25,410. Computer, $10,285. Scanner, $24,805. Land for New Warehouse with an Old Building Torn Down Purchase price, $81,200. Demolition of building, $5,150. Lumber sold from old building, $2,300. Grading in preparation for new building, $6,700. Construction of new building, $264,000. Required Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment Basket purchase: Asset Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs $ $ Total 0 0

Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $42,400; terms: 2/10 n/30; paid within discount period. Transportation-in: $770. Installation: $550. Cost to repair damage during unloading: $567. Routine maintenance cost after eight months: $220. Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $25,410. Computer, $10,285. Scanner, $24,805. Land for New Warehouse with an Old Building Torn Down Purchase price, $81,200. Demolition of building, $5,150. Lumber sold from old building, $2,300. Grading in preparation for new building, $6,700. Construction of new building, $264,000. Required Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment Basket purchase: Asset Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs $ $ Total 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Jj.162.

 

Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $42,400; terms: 2/10 n/30; paid within discount period. Transportation-in: $770. Installation: $550. Cost to repair damage during unloading: $567. Routine maintenance cost after eight months: $220. Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $25,410. Computer, $10,285. Scanner, $24,805. Land for New Warehouse with an Old Building Torn Down Purchase price, $81,200. Demolition of building, $5,150. Lumber sold from old building, $2,300. Grading in preparation for new building, $6,700. Construction of new building, $264,000. Required Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment Basket purchase: Asset Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs S $ Total 0 0
Transcribed Image Text:Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $42,400; terms: 2/10 n/30; paid within discount period. Transportation-in: $770. Installation: $550. Cost to repair damage during unloading: $567. Routine maintenance cost after eight months: $220. Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $25,410. Computer, $10,285. Scanner, $24,805. Land for New Warehouse with an Old Building Torn Down Purchase price, $81,200. Demolition of building, $5,150. Lumber sold from old building, $2,300. Grading in preparation for new building, $6,700. Construction of new building, $264,000. Required Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment Basket purchase: Asset Copier Computer Scanner Total cost to be capitalized Land and building: Cost of land Construction costs Total cost to be capitalized Allocated Costs S $ Total 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Depreciation Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS