Clutch Company purchased equipment and incurred the following costs as part of the purchase: Purchase price $10,000 Transportation costs $500 Repair for damage incurred during installation $250 Installation costs $550 Sales tax $750 What amount should Clutch capitalize as the cost of the equipment? 12,050   11,800   11,000   10,750

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S10-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $110,000, the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business ve 1 signed a note payable.

A firm purchased an asset with a 5-year life for $80,000, andit cost $5,000 for shipping and $10,000 for installation. Accordingto the current tax laws the initial depreciation value of the assetis a. $95,000 b. $90,000 c. $85,000 d. $80,000

Q10.3 On February 1, 2020, Sheridan Company purchased a parcel of land as a factory site for $315000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building   $ 18600 Architect's fees   35500 Legal fees for title investigation and purchase contract   5700 Construction costs   1387000 (Salvaged materials resulting from demolition were sold for $9700.) Sheridan should record the cost of the land and new building, respectively, as $323900 and $1428200. $323900 and $1422500. $329600 and $1422500. $339300 and $1412800.

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Pina Company purchased equipment and incurred these costs: Cash price Sales taxes Insurance during transit Annual maintenance costs Total costs $25800 O $27090 O $27930 O $25800 O $27480 1290 390 450 $27930 What amount should be recorded as the cost of the equipment?

Rain Company traded a manual weather machine for an automated weather machine and gave $40,000 cash. The manual machine cost $495,000, had a net book value of $350,000, and a fair value of $360,000. The automated machine was originally purchased by Shine Company for $510,000 and had a net book value of $430,000. It has a fair market value of $450,000. Determine the value of the asset received for Rain and Shine assuming the exchange does not have commercial substance. Please include the appropriate dollar sign and commas (example $25,000).

Hadley Company purchased an asset with a list price of $135580. Hadley paid $413 of transportation-in cost, $968 to train an employee to operate the equipment, and $637 to insure the asset against theft after it has been set up in the factory. The asset was purchased under terms 2/20/n30 and Hadley paid for the asset within the discount period. Based on this information, Hadley would capitalize the asset on its books at what dollar amount? $_______________