(b) The books of Key Largo Company show the following additional transactions for the fiscal year ended May 31, 2021: (1) Acquisition of a land for speculative purposes. (2) Purchase of a 1-year insurance policy covering plant equipment. (3) Purchase of the rights for the exclusive use of a process used in the manufacture of snorkeling gear. For each of these transactions, indicate whether the asset should be classified as a plant asset. If it is a plant asset, explain why it is. If it is not a plant asset, explain why not, and identify the proper classification. (b) The books of Key Largo Company show the following additional transactions for the fiscal year ended May 31, 2021: (1) Acquisition of a land for speculative purposes. (2) Purchase of a 1-year insurance policy covering plant equipment. (3) Purchase of the rights for the exclusive use of a process used in the manufacture of snorkeling gear. For each of these transactions, indicate whether the asset should be classified as a plant asset. If it is a plant asset, explain why it is. If it is not a plant asset, explain why not, and identify the proper classification