Assignment ch.9 Fixed assets Q1: Mention 3 costs typically include in determining the land cost Q2: Mention 4 costs typically include in determining the Equipments cost Q3: In your own words explain the meaning of (Historical cost Principle) Q4: ABC Company purchases factory machinery at a cash price of HK$44,000. Related expenditures are for sales taxes HK$3,000, insurance during shipping HK$1,000; Compute the cost of the machinery and write the entry to record the purchase transaction