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Answer :
The book value that should appear on the balance sheet for the tow truck and the building is:
- Tow truck $6,500
- Building $65,000
Tow truck amount of $6,500 will be expensed because it was stated that the truck repair was minor repair while the building amount of $65,000 will be capitalized because the roof increase the life of the building.
Calculation for building
Building=$85,000+$32,000-$12,000
Building=$65,000
Inconclusion the book value that should appear on the balance sheet for the tow truck and the building is:
- Tow truck $6,500
- Building $65,000
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Rewritten by : Jeany
