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Gonzo Co owns a building in Georgia The building’s historical cost is $970000 and $440000 of accumulated depreciation has been recorded to date During 2014 Gonzo incurred the following expenses

Gonzo Co. owns a building in Georgia. The building’s historical cost is $970,000, and $440,000 of accumulated depreciation has been recorded to date. During 2014, Gonzo incurred the following expenses related to the building:

Required:

1. Which of the costs incurred by Gonzo Co. should be capitalized to the building account?

2. What is the subsequent carrying amount of the building prior to recording 2014 depreciation expense?

Apr 24 2020 View more View Less

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