Ryan Company purchased a building on January 1, 2021, for $265,000. In addition, during 2021 the...
Ryan Company purchased a building on January 1, 2021, for
$265,000. In addition, during 2021 the following costs related to
the building have been incurred:
| Utilities | $ | 27,000 | |
| Property tax | 5,500 | ||
| Expansion of the building | 68,000 | ||
| New air-conditioning system | 43,000 | ||
| General maintenance | $ | 34,000 | |
The amount of expenditures to capitalize for the year (not
including the initial purchase of the building) is:
Multiple Choice
-
$50,000.
-
$53,000.
-
$111,000.
-
$102,000.
Homework Answers
Amount of expenditure to be capitalized
= Expansion of building + New air conditioning
= 68,000 + 43,000
= 111,000
Option C is the answer
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