Dick Gaines owns and operates Gaines Print Co During

February
Dick Gaines owns and operates Gaines Print Co. During February, Gaines Print Co. incurred
the following costs in acquiring two printing presses. One printing press was new, and the other
was used by a business that recently filed for bankruptcy.Costs related to new printing press:1.
Fee paid to factory representative for installation2. Freight3. Insurance while in transit4. New
parts to replace those damaged in unloading5. Sales tax on purchase price6. Special
foundation Costs related to used printing press:7. Fees paid to attorney to review purchase
agreement8. Freight9. Installation10. Repair of damage incurred in reconditioning the press 11.
Replacement of worn-out parts 12. Vandalism repairs during installationa. Indicate which costs
incurred in acquiring the new printing press should be debited to the asset account.b. Indicate
which costs incurred in acquiring the used printing press should be debited to the assetaccount.
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Dick Gaines owns and operates Gaines Print Co During February
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