JT Engineering recently purchased an old factory and the land on which it stands. JT plans to tear down the factory and build a new factory on the site. How should the cost of the old factory be accounted for? Select answer from the options below It should be capitalized as part of the cost of the land. It should be written off as a loss in the year the factory is torn down. It should be depreciated over the period from acquisition to the date the factory is torn down. It should be capitalized as part of the cost of the new factory