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In each of the following situations, determine if the suitable action was taken.  If not, describe the financial statement impact of the error.

A.  Recorded the $50,000 purchase of land acquired for investment purposes as the debit to the Land account.

B. A $450 tune-up to delivery truck was capitalized to Truck account.

C. Land to be used as site for the new warehouse was purchased for $250,000 plus a broker’s commission of $12,500.  Land account was debited for $250,000, and the $12,500 broker’s commission was recorded as commission expense.

D. The $650 cost to install the new water heater was charged to plumbing repairs expense.

E. The patent was purchased for $475,000 and recorded in Equipment account.

F. Depletion relating to extraction of 200,000 barrels of oil was not recorded since the oil is still sitting in inventory and has not been sold.

Taxation, Accounting

  • Category:- Taxation
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