Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented her New Office Equipment 1. List price: $40,300; terms: 2/10, n/30, paid within the discount period. 2. Transportation-in: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $661. 5. Routine maintenance cost after eight months: $110. Basket Purchase of Copier, Computer, and Scanner for $50,100 with Fair Market Values 1. Copier, $23,556. 2. Computer, $11,476. 3. Scanner, $25,368. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $81,200. 2. Demolition of building, $5.200. 3. Lumber sold from old building, $2,440. 4. Grading in preparation for new building. $9.200. 5. Construction of new building, $231,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts.

Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented her New Office Equipment 1. List price: $40,300; terms: 2/10, n/30, paid within the discount period. 2. Transportation-in: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $661. 5. Routine maintenance cost after eight months: $110. Basket Purchase of Copier, Computer, and Scanner for $50,100 with Fair Market Values 1. Copier, $23,556. 2. Computer, $11,476. 3. Scanner, $25,368. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $81,200. 2. Demolition of building, $5.200. 3. Lumber sold from old building, $2,440. 4. Grading in preparation for new building. $9.200. 5. Construction of new building, $231,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts.

Name: Trinkle Company made several purchases of long-term assets during the
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Description: Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented herNew Office Equipment1. List price: $40,300; terms: 2/10, n/30, paid within the discount period.2. Transportation-in: $740.3. In

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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