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A company incurs the following costs which may be capital

A company incurs the following costs, which may be capital expenditures or operating expenditures.

1. Cost of installing machinery

2. Cost of moving machinery

3. Repairs as a result of an accident

4. Cost of major overhaul

5. Installation of safety device as a result of an OSHA inspection

6. Property taxes on land and buildings

7. Property taxes on land and buildings held for investment

8. Cost of rearranging offices

9. Cost of repainting offices

10. Ordinary repairs

Required:
1. How would the company record each of the costs under U.S. GAAP?

2. How would your answers change if the company uses IFRS?

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Accounting Basics: A company incurs the following costs which may be capital

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