Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $760, and the book value prior to the repair was $4,500. In addition, the company spent $6,500 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $94,000 and related Accumulated Depreciation account at $41,500. Required After the work was completed, what book value should appear on the balance sheet for the tow truck and the building? Tow Truck Building Book Value

Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $760, and the book value prior to the repair was $4,500. In addition, the company spent $6,500 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $94,000 and related Accumulated Depreciation account at $41,500. Required After the work was completed, what book value should appear on the balance sheet for the tow truck and the building? Tow Truck Building Book Value

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4PB: During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...

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