Question

Lacy owns a condominium that she rented all year. She paid $250 to plaster a hole in the living room drywall, purchased paint for $175 to repaint the kitchen, replaced a broken window for $300, replaced the water heater for $1,700, and paid $4,930 to replace the heating system. How much did she spend on repairs?
$725
$2,425
$6,630
$7,355

Answer 1

$725

Explanation: Plastering the drywall ($250), painting ($175), and replacing a broken window ($300) are repairs/maintenance = $250 + $175 + $300 = $725. Replacing the water heater ($1,700) and the heating system ($4,930) are capital improvements, not repairs.