Question 1 (4 points) Saved Which of the following is not included in the cost of constructing a building? instance costs during construction construction costs architect's fees for design of the building cost of removing the demolished building and preparing land Question 2 (4 points) Saved A new machine with a purchase price of $109,000, with transportation costs of $12,000, and installation costs of $11,000, would have a cost basis of Your Answer: 132,000 Answer Question 3 (4 points) Saved Equipment with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined that the remaining useful life should be shortened by 3 years (8 years of life remain) and the residual value changed to zero. What is the annual depreciation expense for future years? HINT: First, determine the net book value after 4 years. Then calculate depreciation expense for an asset with an 8-year life Vaun Ance