1) Label the following items as a cost that is Capitalized (C) or as a cost that is expensed (E) [4 marks] Purchased a new truck Had old building demolished and removed from land and built new building in its place Amortized Bought parking lot new engine at year end for car to restore it to working order Paid a lawyer legal fees for the purchase of new land Repainted name on business truck Bought an additional year on the insurance policy Paid delivery cost for a new piece of equipment 2) On Jan 27th Winston Athletic purchased land, a building, and equipment for a Judo practice in a basket purchase for $240000. The fair market value of the land was $140000. The fair market value of the building was $80000. The fair market value of the equipment was $55000. What costs should be debited to each of the Land, Building and Equipment accounts? Show your calculations please. Record the journal entries required. [2 marks for calculation, 3 marks for journal entry] Date Accounts Debit Credit