Asked by
Trent Strickland
on Nov 13, 2024
Verified
The cost of repairing damage to a machine during installation is debited to a fixed asset account.
Fixed Asset Account
An account on the balance sheet that reports the cost and accumulated depreciation of long-term tangible assets used in the operations of a business.
- Understand the treatment and implications of expenditures after initial asset acquisition.
Verified Answer
MT
Learning Objectives
- Understand the treatment and implications of expenditures after initial asset acquisition.