Aye Corp. purchases a remote-site building for computer operations. The building will be suitable for operations after some necessary expenditures. The wiring must be replaced to handle the computer specifications. The roof is leaking and must be replaced. All rooms must be repainted and re-carpeted and there will also be some updating of the plumbing needed. Which of the following statements is true? Select one: The cost of the building will include the cost of replacing the roof. The wiring replacement will be part of the computer costs, not the building cost. The cost of the building will include the repainting and re-carpeting costs. The cost of the building is the purchase price of the building, while the additional expenditures are all capitalized as Building Improvements. Which of the following statements concerning financial statement presentation is false? Select one: O Companies reporting under ASPE must include a reconciliation of the changes during the year in the carrying amount for each class of long-lived asset in the notes to their statements Companies reporting under IFRS must disclose whether they are using the cost or revaluation model for each class of long-lived asset in the notes to their statements. O Companies must disclose their policy for testing impairments in the notes to their statements. O Goodwill is reported separately from intangible assets At January 1, 2022, Blue Corporation had a credit balance of $3,050,000 in its retained earnings account. During the year, Blue paid $275,000 in dividends, reported net income of $420,000 and other comprehensive income of $750,000. The December 31 balance of retained earnings is: Select one: O $2,445,000. $3,945,000. $2,775,000 $3,195,000 Clear my choice