Business, 16.04.2021 19:00 davidoj13

Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment
1. List price: $41,900; terms: 2/10 n/30; paid within discount period.
2. Transportation-in: $860. Installation: $510.
3. Cost to repair damage during unloading: $431.
5. Routine maintenance cost after six months: $110.

Basket Purchase of Copier, Computer, and Scanner for $51,000 with Fair Market Values
1. Copier $22,755.
2. Computer $6,765.
3. Scanner $31,980.

Land for New Warehouse with an Old Building Torn Down

1. Purchase price, $82,400.
2. Demolition of building, $4,750.
3. Lumber sold from old building, $1,800.
4. Grading in preparation for new building, $7,700.
5. Construction of new building, $217,000.

Required:
In each of these cases, determine the amount of cost to be capitalized in the asset accounts.

Answers: 2

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Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase...

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