1. Which of the following items should be expensed as incurred? of damage occurring during installation of new equipment eFreightchargeson the purchaseofegurment. 2. Lancer Corporation purchased a parcel of land as a factory site for $150,000. Construction began immediately on a new building. Costs incurred are as follows 25 tect's fees egal fees for land purchase 2,000 tract struction costs 250,000 Lancer should record the cost of the new land and building, respectively, at a. $150,000 and $275,000 b. $152,000 and $275.000 c. $150,000 and $250,000 3. Reno Acquisitions Company recently bought a furnished hotel for a lump-sum purchase price of $15,000,000. Separately, the land was valued at $6,000,000, the building at $12,000,000, and the furniture and equipment at $2,000,000. How much cost should Reno assign to the land? a $1,000,000 C$6,000.000 d. $8,000,000 4. The appropriate journal entry to record machinery depreciation of $1,000 is: a. Depreciation Expense 1000 b Depreciation Expense ne c. Accumulated Depreciation 1,000 Depreciation Expense d. Accumulated Depreciation Machine