nting-Phillips, Libby, Libby, 5e, Long-Lived Tangible and Intangible Assets Shen

Question

nting-Phillips, Libby, Libby, 5e, Long-Lived Tangible and Intangible Assets Shenandoah Skies bought land to be used for a new ski resort. Which of the following of expenditures made by Shenandoah Skies should be capitallzed? (Check all that apply.) Check all that apply. $5,000 paid to Jack Mogul for a title search $7.500 paid for a party to celebrate the grand opening $3,000 paid to advertise the new ski resort $5,000,000 to purchase the land $6,000 for the 1st years real estate taxes $50,000 pald to cut down timber fo make way for ski runs Read about this Do you know the answer? I know It Think so Unsur No idea 52 hens e

Explanation / Answer

shenandoah skies bought land to be used for a new ski resort. Which of the following of expenditures made by Shenandoah skies should be capitalized?

$5000 paid to jack mogul for a title search

$5,000,000 to purchase the land

$50,000 paid to cut down timber to make way for ski runs.

Capital expenditure:

Funds spent by the money to acquire , purchase, maintain, upgrade the asset. all expense that are spent up to the acquisition of asset should be added to the cost of the asset.

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