Exercise 6-15 Distinguishing between revenue expenditures and capital expenditur

Question

Exercise 6-15 Distinguishing between revenue expenditures and capital expenditures LO 6-6 Houston's Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $1,120, and the book value prior to the repair was $4,710. In addition, the company spent $8,000 roof replacement, the general ledger reflected the Building account at $87,900 and related Accumulated Depreciation account at $36,700. Required After the work was completed, what book value should Houston's report on the balance sheet for the shredding machine and the building? Book Value Shredding machine Building

Explanation / Answer

Book value Shredding machine 4710 Building 59200 =(87900+8000)-36700

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