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Financial Accounting

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Moderate

Capitalized Asset Amount: Net Book Value and Disposal

FINACT-JLYBYY

At the end of the year, Cup-o-Choc Company listed Plant, Property and Equipment on its Balance Sheet with a net book value of \$990,000. The net book value at the beginning of the year was \$835,000. One asset was disposed of during the year with a net book value of \$35,000.

If the Income Statement listed Depreciation Expense of \$60,000 for the year, what is the capitalized cost of assets that Cup-o-Choc purchased during the year?