1. Alternative terms for property, plant, and equipment include all of the following, except for a. plant assets b. fixed assets c. long-term assets d. operational assets 2. All of the following would be classified as property, plant, and equipment, except for a. office buildings b. c. machinery owned for standby purposes equipment held for resale d. equipment used in the operation of the business 3. In purchasing some land, the Maxim Company made payments for the following: Purchase price $4,000 Past due taxes 410 Title search 150 Cost of razing old building 200 Interest (incurred after productive operations had begun) 120 Proceeds from salvage of old building 75 The recorded cost of the land should be a. $4,350 b. $4,595 c. $4,685 d. $4,760 4. According to FASB Statement No. 34, interest must be capitalized for a. assets that are ready for use b. assets constructed for a firm's own use c. assets that are not being used in the earning activities of the company inventories that are produced in large quantities on a repetitive basis d.