On January 15, 2011, Vancey Company Paid Property Taxes on Its

Short Answer

On January 15, 2011, Vancey Company paid property taxes on its factory building for the calendar year 2011 in the amount of $560,000.In the first week of April 2011, Vancey made unanticipated major repairs to its plant equipment at a cost of $1,400,000.These repairs will benefit operations for the remainder of the calendar year.How should these expenses be reflected in Vancey's quarterly income statements?