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The Miller Company paid $70,000 to acquire a 100 ton press. Freight charges to deliver the equipment amounted to $10,500 and were paid by Miller. Installation costs amounted to $3,990, and machine testing charges amounted to $1,750. Calculate the amount that should be capitalized to the Equipment account. $ 0

The Miller Company paid $70,000 to acquire a 100 ton press. Freight charges to deliver the equipment amounted to $10,500 and were paid by Miller. Installation costs amounted to $3,990, and machine testing charges amounted to $1,750. Calculate the amount that should be capitalized to the Equipment account. $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Calculate Amount to Capitalize** The Miller Company paid $70,000 to acquire a 100 ton press. Freight charges to deliver the equipment amounted to $10,500 and were paid by Miller. Installation costs amounted to $3,990, and machine testing charges amounted to $1,750. Calculate the amount that should be capitalized to the Equipment account. $ ___
Transcribed Image Text:**Calculate Amount to Capitalize** The Miller Company paid $70,000 to acquire a 100 ton press. Freight charges to deliver the equipment amounted to $10,500 and were paid by Miller. Installation costs amounted to $3,990, and machine testing charges amounted to $1,750. Calculate the amount that should be capitalized to the Equipment account. $ ___
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