Reference no: EM132473900
Question 1: Determine cost of land and land improvements.
The following costs were incurred by Sbulmwa)r Company in purchasing land: cash price, $85,000; legal fees, $1,500; removal of old building, $5,000; clearing and grading, $3,500; installation of a parking lot, $5,000.
Question 2: What is the cost of the land?
Question 3: What is the cost of the land improvements? Determine cost of equipment.
- AP Surkis Company incurs the following costs in purchasing equipment: invoice price, $40,375; shipping, $625; installation and testing, $1,000; one-year insurance policy,
Question 4: What is the cost of the equipment? Identify operating and capital expenditures.
In the space provided, indicate whether each of the following items is an operating expenditure (0) or a capital expenditure (C):
- Repaired building roof, $1,500
- Replaced building roof, $27,500
- Purchased building, $480,000
- Paid insurance on equipment in transit, $550
- Purchased supplies, 5350
- Purchased truck, $55,000
- Purchased oil and gas for truck, $125
- Rebuilt engine on truck, $5,000
- Added new wing to building, $250,000
- Painted interior of building, $1,500
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