Anne and Tony own a guesthouse and spent the following:

1. Purchased a new air conditioning unit ($12000) and had it installed ($4000).

2. Spent $300 000 constructing an extension to the guesthouse.

3. Spent $15 000 painting the extension.

4. Spent $1500 demolishing an old building that was on the site of the extension.

5. Spent $18 000 painting the old section of the guesthouse.

6. Spent $45 000 replacing carpets with floorboards in the original section of the guesthouse.

7. Spent $13 000 replacing existing carpets in the original section of the guesthouse.

8. Spent $900 on new curtains (the old ones were destroyed by a guest).

For each item, state whether it is an asset or an expense. If an asset, state the amount it would be recorded at.