Determine the amount of cost to be capitalized in the asset

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Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented here.

New Office Equipment

List price: $37,800; terms: 2/10, n/30; paid within the discount period.
Transportation-in: $770.
Installation: $530.
Cost to repair damage during unloading: $484.
Routine maintenance cost after eight months: $290.

Basket Purchase of Copier, Computer, and Scanner for $53,000 with Fair Market Values

Copier, $28,116.
Computer, $11,502.
Scanner, $24,282.

Land for New Warehouse with an Old Building Torn Down

Purchase price, $82,300.
Demolition of building, $4,940.
Lumber sold from old building, $1,510.
Grading in preparation for new building, $10,000.
Construction of new building, $279,000.

Required

Question 1: Determine the amount of cost to be capitalized in the asset accounts.

Reference no: EM132636218

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