For each of the following items, indicate whether the costs should be capitalized or expensed immediately. Please briefly explain why. 1 Equipment with a 5-year life is purchased for $32,000 for a specific R&D project. The equipment has no alternative use. 2 Purchased a customer list from another company for $100,000. 3 Spent $200,000 to develop a new software product. 4 Paid $10,000 for routine maintenance and lubrication of equipment. 5 Paid $22,000 to overhaul a manufacturing machine. The overhaul will extend the machines useful life by 2 years. 6 Paid $40,000 to install new equipment in a production line that will enhance the marketability of the product. 7 Purchased a license agreement for $500,000.