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3 years ago

The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2020.

Business

1 answer:

Nina [5.8K]3 years ago

8 0

Answer:

1) Tax Payable

2) Property Plant and Equipment Asset

3) Motor Vehicle Asset

4) Property Plant and Equipment Asset

5) Advertising and Promotion Expense

6) Property Plant and Equipment Asset

7) Insurance Prepaid Asset

8) Motor Vehicle Asset

The Historical Cost of Plant Asset consists of Actual Purchase price and all Incidental Cost required to bring the asset to the point of use .

Explanation:

1) Already Accrued

2) The insurance is required to bring in the machinery

3) Sales taxes on Fixed assets are capitalised

4) The improvement is necessary in material

5) Advertising Expense not necessary for the functioning of the delivery truck

6) Fixed Asset Purchase

7) Insurance Prepayment not necessary for the functioning of the delivery truck

8) The expense is necessary for the functioning of the delivery truck

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