(Solved by Humans)-Problem 6-22 Accounting for acquisition of assets including a basket purchase Khan Company made...

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Problem 6-22      Accounting for acquisition of assets including a basket purchase Khan Company made several purchases of long-term assets in 2012. The details of each purchase are presented here. New Office Equipment 1.     List price: $40,000; terms: 1/10 n/30; paid within the discount period. 2.     Transportation-in: $800. 3.     Installation: $500. 4.     Cost to repair damage during unloading: $500. 5.     Routine maintenance cost after eight months: $120. Basket Purchase of Office Furniture, Copier, Computers, and Laser Printers for $50,000 with Fair Market Values 1.  Office furniture, $24,000. 2.   Copier, $9,000. 3.   Computers and printers, $27,000. Land for New Headquarters with Old Barn Torn Down 1.     Purchase price, $80,000. 2.     Demolition of barn, $5,000. 3.     Lumber sold from old barn, $2,000. 4.     Grading in preparation for new building, $8,000. 5.     Construction of new building, $250,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset  accounts.