State whether or not an asset should be recorded in the balance sheet of XYZ Ltd as at 30 June 2016 in each of the following situations. State the amount (if any) of the asset, and any assumptions made.
1. On 15 May 2016, XYZ Ltd paid Insurance Ltd $20 000 for an insurance premium. The premium covers losses incurred due to fire, theft or other causes up to 14 May 2017.
2. XYZ Ltd paid $15 000 for a patent in April 2016.
3. XYZ Ltd has just hired a new general manager who is an expert in the business carried on by XYZ Ltd. With the help of this person, the company is expected to increase its annual profits by $500 000. The general manager's salary is $300 000 per annum.
4. XYZ Ltd purchased land in 2009 for $100 000. The market value of this land is $150 000 as at 30 June 2016.
5. A machine is purchased for $1 million and costs an additional $400 000 to install.