Answered Essay: Chapter 10 Practice 10-1 Categories of Tangible Noncurrent Operating Assets

Chapter 10 Practice 10-1 Categories of Tangible Noncurrent Operating Assets

The following costs were incurred in the most recent year:

(a) Paid $20,000 to purchase a piece of equipment. In addition, paid $1,000 to have the equipment shipped to and installed in its final location. Spent $1,750 to have the equipment tested before beginning its production use. Paid $2,000 for lubrication and normal maintenance during the first year of operation of the equipment.

(b) Paid $100,000 to buy a piece of land. Also paid $10,000 to construct a parking lot and sidewalks.

(c) Paid $50,000 to buy another piece of land. Then paid $10,000 to have an old building demolished and have the land cleared. Paid $125,000 to have a building constructed.

Compute the total cost that should be reported in each of the following categories:

1. Land

2. Buildings

3. Equipment

4. Land Improvements

Follow the instructions provided there to compute the total cost of land, buildings, equipment and land improvements.

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