When Can Interest Be Included In The Acquisition Cost Of A Plant Asset?

When can interest be included in the acquisition cost of a plant asset?

________ are the costs incurred to increase the operating efficiency or useful life of a plant asset.

Pat's Garage installed a new parking lot. The paving cost $10,000 and the lights to illuminate the new parking area cost $5,000. These additions require that

A company purchased land for $70,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at

To find the book value of a plant asset, you find the difference between the

In selecting a depreciation method, a company should choose the method that

If the estimated useful life of equipment changes, then this change requires

Where is the loss on disposal of a plant asset reported in the financial statements?

How is depreciation accounted for if disposal of a plant asset occurs during the year?

Wells Company's delivery truck, with a cost of $56,000 was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $38,000. The company received $32,000 reimbursement from its insurance company. The gain or loss as a result of the fire was

Which of the following should be disclosed in the balance sheet or the notes to the financial statements?

Companies can amortize a patent for a period that cannot exceed

A patent that has a legal life of 20 years and a useful life of less than 20 years should