The old metropolitan theater, which had been unused for years, was purchased for $1, renovated at a cost of $3.5 million, and then reopened for business. the renovation cost should be

The renovation cost should be capitalized, and therefore included in the cost basis of the asset (in this case the theater).

Explanation:

Capitalized costs refers to cost associated with the purchase of a fixed asset. Capitalized costs increase the cost basis of the fixed assets since they are added to the purchase cost. E.g. a company buys a new machine, besides the cost of the machine itself, the cost basis must include delivery charges, installation charges, etc.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

i really hope this answer you out! it makes my day people like you and giving back to the community that has me through school! if you could do me a favor, if this you and this is the very best answer and you understand that all of my answers are legit and top notch. mark as brainliest! and have a awesome day!

answer: b 56, 250

explanation: