Question

listed below are costs (or discounts) to purchase or construct new plant assets. (1) indicate whether the costs should be expensed or capitalized (meaning they are included in the cost of the plant assets on the balance sheet.) (2) for costs that should be capitalized, indicate in which category of plant assets (equipment, building, or land) the related costs should be recorded on the balance sheet.

Answer 1

No.  Catagory Reason

1. Capitalized- Building All construction costs are capitalized

2 Expensed after completion insurance can not be capitalized

3 Expensed as damage incurred after purchase so no capitalization

4 Capitalized Building Construction costs

5 Capitalized Building Construction costs

6 Capitalized Building Construction costs

7 Capitalized Land cost of grading capitalized

8 Capitalized Equipment Cost of testing is capitalized

creation is a well-known term that means the art and technology to shape objects, structures, or organizations,[1] and is derived from Latin construction (from com- "together" and struere "to pile up") and vintage French creation.[2] To construct is the verb: the act of constructing, and the noun is construction: how something is built, the nature of its shape. In its most extensively used context, production covers the techniques worried in turning in buildings, infrastructure, commercial facilities and related activities via to the give up of their existence.

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