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 2011, Gonzo incurred the following expenses related to the building:
Repainted the building
$ 48,000
Major improvement to the plumbing
109,000
Replaced carpet in the plant’s accounting offices
47,600
Added a 7,000 square foot lobby
234,600
Repaired a broken water main
155,800
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?
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