Name: C. $329,300 D. S321,300 ES327,300 F. $313,300 Chapter 10 Graded Assignment Multiple-Choice: (4 pts cach) Circle, highlight, or put an asterisk (*) beside the best response for cach of the following multiple-choice questions. There should be only one correct response marked per question. There is no partial credit on the multiple-choice. 1. On 1/1/19, Fraser Corp, purchased a parcel of land as the site for a new building for $300,000. The land had an old building on it at the time of purchase which is immediately demolished at a cost of S12,000 use Fraser was able to sell the salvaged material from the old building for $4.000 in cash 2. Which of the following costs would most likely be capitalized in an account called "Land Improvements""? A. Costs associated with clearing the land for its intended business B. Costs associated with constructing a building on the land C. Costs associated with paving and fencing on the land 3. Which of the following types of costs is not typically capitalized as part of an asset's cost? A. Initial testing costs B. Purchase price of a service contract for routine maintenance costs C. Costs of insurance during the construction period D. Transportation costs while the asset was in transit E. Installation costs In addition, Fraser incurred the following costs related to the land: Delinquent property taxes, $4,500 Current property taxes (covers 1/1/19 through 12/31/19), S6,000 Title insurance, 52,000 Land survey, $1.800 Grading of the land, 55.000 What should be the capitalized cost of the land? A. $331,300 B. $325,300