Business, 04.06.2020 14:02 mai1261

Gonzo Co. owns a building in Georgia. The buildingâ€™s historical cost is $970,000, and $440,000 of accumulated depreciation has been recorded to date. During 2011, Gonzo incurred the following expenses related to the building: Repainted the building

$ 48,000

Major improvement to the plumbing

109,000

Replaced carpet in the plantâ€™s accounting offices

47,600

Added a 7,000 square foot lobby

234,600

Repaired a broken water main

155,800

Required:

1. Which of the costs incurred by Gonzo Co. should be capitalized to the building account?

2. What is the subsequent carrying amount of the building?

Answers: 3

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Gonzo Co. owns a building in Georgia. The buildingâ€™s historical cost is $970,000, and $440,000 of...

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