3 4 What amount would be recorded in the land and machine accounts for the following transactions: Land: Purchased for $100,000. Separately, the firm pays a real estate lawyer $20,000 to assist with the transaction. $15,000 was paid to clear the land. $3,000 was recovered from scrap material. Machine: A machine was purchased for $40,000. Taxes were $2,000. Installation costs were $4,000. Royalties must be paid to the producer of the machine. Royalties are expected to be $24,000 over the lifetime of the machine. Land: $135,000 Machine: $70,000 Land: $132,000 Machine: $46,000 Land: $132,000 Machine: $70,000 O Land: $135,000 Machine: $46,000 None are correct