Chapter 7 Homework Submt vour answers in CAwivis belore it is due Use the following to answer questions 14 The company purchased land as a factory site, An old bulding on the property was demolished, and construction began on a new bullding Costs incurred during the first year are listed below 1. $ How much of the "property taxes on the land for the next year" should be capltalized to the tand account? 2. How should the "sale of salvaged materials" be recorded? A. As an added cost of the land B. As a reduction of the cost of the land C As an added cost to the buliding D. As a reduction of the cost of the building 3. 5 What amount should be recorded to the Land account? 4. 5 What amount should be recorded to the Building account