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What amount of the costs should be capitalized

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Question: On October 12, 2020, Howard Co. incurred the following costs for one of its printing presses:

Purchase of attachment £55,000

Installation of attachment £5,000

Replacement parts for renovation of press £18,000

Labor and overhead in connection with renovation of press £7,000

Neither the attachment nor the renovation increased the estimated useful life of the press. However, the renovation resulted in significantly increased productivity.

What amount of the costs should be capitalized?

Reference no: EM132757325

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