Fisher Apartments purchased an apartment building to rent to university students on December 15, 2011. The tenants moved in on January 1, 2012. On Super Bowl Sunday, a student punched a hole in the wall when his favorite team fumbled the ball. It cost the landlord $400 to repair the hole. How should this cost be recorded?
A) It should be recorded as part of the asset account.
B) It should be recorded as repair and maintenance expense.
C) It should not be recorded as the tenants will be charged for the damage.
D) It should not be recorded since this is an immaterial amount to the landlord.
B
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