Help Save & E Submit CamCo Ltd. leased floor space in a new office building. Rent will cost $10,000 per month for a ten-year lease, but some renovations are needed and will be paid by CamCo to customize the space. The renovations include installing walls to create a new office and boardroom (cost $8,000), new flooring (cost $5,800), painting (cost $1,500) and updated wiring to accommodate computer servers (cost $8,700). How should these costs be handied for accounting purposes by CamCo? Multiple Choice They should be capitalized as development costs Painting costs should be capitalized to leasehold improvements and other costs should be charged to rent expense They should all be capitalized as leasehold improvements Painting costs should be charged to rent expense and the other costs should be capitalized to leasehold improvements