Paid 5500 to overhaul a drilling rig the overhaul will

Reference no: EM13573087

For each of the following items, indicate whether the costs should be capitalized or expensed immediately.

1. Purchased a patent for $12,000

2. Paid $5,500 to overhaul a drilling rig. The overhaul will extend the useful life by 3 years.

3. Paid $600 for routine maintenance and lubrication of a tractor.

4. paid $6,500 to install new equipment in the production line that will "super-cool" the product
and allow for faster shipping of fresher merchandise

5. Equiment is purchased for $8,000 for a specific R&D project

Reference no: EM13573087

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