Business, 24.04.2020 18:28 nati5720

Trinkle Company made several purchases of long-term assets in 2018.

The details of each purchase are presented here.

New Office Equipment

1) List price $36,900; terms: 2/10, n/30; paid within the discount period.
2) Transportation-in $790.
3) Installation $570
4) Cost to repair damage during unloading $688.
5) Routine maintenance cost after eight months $100.

Basket Purchase of Copier, Computer, and Scanner for $48,800 with Fair Market Values

1) Copier $24,696.
2) Computer $8,232.
3) Scanner $25,872.

Land for New Warehouse with an Old Building Torn Down

1) Purchase price $79,800.
2) Demolition of building $4,630.
3) Lumber sold from old building $2,370.
4) Grading in preparation for new building $8,400.
5) Construction of new building $279,000.

Required:

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

Answers: 1

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Trinkle Company made several purchases of long-term assets in 2018.

The details of each...