Property, plant, and equipment (plant assets) represent a material part of the total assets for most companies. Accounting for acquiring and using such assets is an important part of the financial reporting process. A company can acquire plant assets for cash, on a payment plan of by exchanging assets, or by a combination of these ways. Please answer the following questions.

1. Identify six costs that should be capitalized as the costs of the land. Assume that the land purchased for cash has an existing building that will be removed to construct a new building on the land.