Chapter 10 -- Exercises - Protected View - Saved Search Layout References Mailings Review View Help ernet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing entials are out of date. Please sign in as he ***@outlook.com so we can verify your subscription Sign In Exercise 1: Costs of PP&E For each item below, indicate how Stary Company would record it by placing the amount in the proper column 1. Paid $100,000 for land to be used as a factory site. The company also incurred legal costs of $15,000 in connection with the purchase. 2. Paid $50,000 to clear an existing building from the property and received $12,000 for salvaged materials 3. Cleared the land at a cost of $20,000 4. Paid $25,000 to an architect for the factory plans, 5. Paid $3,000,000 to a contractor to build the factory. Paid $15.000 for insurance during construction period and $12,000 for insurance for first year of operations 6. Paid $26,000 to pave parking lot. Estimated life of 20 years 7. Paid 5600,000 for manufacturing equipment, paid $6,000 for transportation costs and $5,000 for installation. Paid $500 to repair equipment that was dropped during installation Land Land Improvements Building Equipment Other Asset or Fiprese Focus o Le