Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $350,000. Shipping costs totaled $13,000. Foundation work to house the centrifuge cost $7,900. An additional water line had to be run to the equipment at a cost of $4,000. Labor and testing costs totaled $6,700. Materials used up in testing cost $2,100. The capitalized cost is:

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.