Reference no: EM132508809
David Justice Company incurred the following expenditures related to the purchase and use of a machine for the company's manufacturing facilities in Charlotte, North Carolina. All expenditures related to the year 2004.
Expenditure Amount
invoice price of the machine $60,000
transportation costs $3,000
inspection $1,400
moving and handling $1,000
installation $3,500
Testing $2,200
power costs for the year to operate the machine $12,000
ordinary repairs and maintenance costs for the year $2,000
overhaul to make the machine run more efficiently $4,000
Question 1. Determine the total costs that should be capitalized into the machine account during the year.
Question 2. Identify and total the costs that will not be capitalized into the machine account and will be recorded as expenses instead for the year 2004.
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