Accounting for acquisition of assets including a basket purchaseMoon Co. Inc., made severa...

Accounting for acquisition of assets including a basket purchase

Moon Co. Inc., made several purchases of long-term assets in 2011. The details of each purchase are presented here.

New Office Equipment

1. List price: $60,000; terms: 2/10 n/30; paid within discount period.

2. Transportation-in: $1,600.

3. Installation: $2,200.

4. Cost to repair damage during unloading: $1,000.

5. Routine maintenance cost after six months: $300.

Basket Purchase of Copier, Computer, and Scanner for $15,000 with Fair Market Values

1. Copier, $10,000.

2. Computer, $6,000.

3. Scanner, $4,000.

Land for New Warehouse with an Old Building Torn Down

1. Purchase price, $200,000.

2. Demolition of building, $10,000.

3. Lumber sold from old building. $7.000.

4. Grading in preparation for new building, $14,000.

5. Construction of new building, $500,000.

Required

In each of these cases, determine the amount of cost to be capitalized in the asset accounts.