Which fixed assets are reported in the balance sheet, Accounting Basics

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Which fixed assets are reported in the balance sheet

Response to the following questions:

1. Classify each of the following expenditures as either a revenue or capital expenditure:

(a) installation of a video messaging system on a semitrailer, (b) changing oil in a delivery truck, (c) purchase of a color copier.

2. Are the amounts at which fixed assets are reported in the balance sheet their approximate market values as of the balance sheet date? Discuss.

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Accounting Basics: Which fixed assets are reported in the balance sheet

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Accounting Basics: Which fixed assets are reported in the balance sheet

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