Classify each of the following costs associated with long-lived assets as one of the following: Buildings, Machinery and equipment, Land, Land improvements. 1. Landscaping at new business location.
2. Sales taxes paid on new factory equipment.
3. Fees paid to architect to design new office building.
4. Purchase price of land purchased for new business site.
5. Interest on money borrowed to finance construction of new office building.
6. Repairs made to used office equipment.
7. Costs of government permits required to develop land for a new business location.
8. Cost of insurance during the construction of new office building.
9. Costs to survey a new piece of land for a new business location.
10. Freight costs paid on purchase of new equipment.
a. Machinery and equipment
b. Land
c. Land improvements
d. Buildings