For each of the following items, enter the correct letter to show whether the expenditure should be

Question:

For each of the following items, enter the correct letter to show whether the expenditure should be capitalized (C) or expensed (E).
Transactions
____ 1. Purchased a machine, $ 70,000; gave long- term note.
____ 2. Paid $ 600 for ordinary repairs.
____ 3. Purchased a patent, $ 45,300 cash.
____ 4. Paid cash, $ 200,000, for addition to old building.
____ 5. Paid $ 20,000 for monthly salaries.
____ 6. Paid $ 250 for routine maintenance.
____ 7. Paid $ 16,000 for extraordinary repairs.