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General Accounting Discussions: Construction Improvements to purchased building

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    How do you account for cost related to improving an new building purchased that is under mortgage?
    I.e. sinks, countertops, flooring, new paint job.
    Can these improvements that will last longer than a year be an Asset and how do you name this account?
    How do you account for things like a new paint job? Is that immediately expensed?
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    Add the improvment expenses to the cost building because the total cost incurred by you to own the building is the cost after the improvement.

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