Question 1 (2 points) Which of the following is NOT an example of a fixed asset? land furniture inventory tools Question 2 (2 points) A capital expenditure would appear on the Income statement under operating expenses Balance sheet under fixed assets The newspaper under recent crimes Unemployment line the next day Question 3 (2 points) A company acquired some land for $80,000 to construct a new office complex. Legal fees paid were $2,300, delinquent taxes assumed were $3,400 and $5,850 was paid to remove an old building from which salvaged materials sold for $950. What is the cost basis for the land? $90,600 $91,550 $88,150 $87,200 Question 4 (2 points) Which of the following expenditures would NOT be included in the cost of an asset? Freight costs Vandalism Sales tax Costs of clearing land