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Questions -
Q1. Spuds Co. bought a manufacturing facility for $1,200,000. The facility included land valued at $700,000, a building valued at $400,000, and equipment valued at $200,000. When recording the assets, at what value should the building be capitalized?
a. $184,615
b. $646,154
c. $369,231
d. None of these.
e. $400,000
Q2. On October 31, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $42,000. The expected life is 12 years with a salvage value of $6,000. How much depreciation expense should Rodger recognize for the year ended December 31, 2021 assuming straight-line depreciation?
a. $750
b. $583
c. $500
d. $3,000
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