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What amount should concord capitalize as the cost

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Question - On January 2, 2020, Concord Corporation replaced its boiler with a more efficient one. The following information was available on that date:

Purchase price of new boiler $140500

Carrying amount of old boiler 8500

Fair value of old boiler 3200

Installation cost of new boiler 21600

Required - The old boiler was sold for $3200. What amount should Concord capitalize as the cost of the new boiler?

a. $152200.

b. $149000.

c. $162100.

d. $140500.

Reference no: EM132631823

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