Question 4 (1 point) General Paint Company is building a new plant that will take three years to construct. The construction will be financed in part by funds borrowed during the construction period. There are significant architect fees, excavation fees, and building permit fees. Which of the following statements is true? Excavation fees are capitalized but building permit fees are not. Architect fees are capitalized but building permit fees are not. Interest during the construction is capitalized as part of the cost of the building The capitalized cost is equal to the contract price to build the plant less any interest on borrowed funds. Question 5 (1 point) Expenditures that maintain the operating efficiency and expected productive life of a long lived asset are generally expensed when incurred. capitalized as a part of the cost of the asset. debited to the accumulated depreciation account. not recorded until they become material in amount Question 6 (1 point) Which of the following best describes accumulated depreciation? It is used to show the amount of cost expiration of intangibles It is the same as depreciation expense It is a contra asset account It is used to show the amount of cost expiration of natural resources