Question 4 4 points Save Answer On December 1, 2021, Pitless Corp., a privately owned corporation, started operations. They signed a large contract to build a factory over a 2 year time period. Their client Mr. Falconi paid them $150,000 in advance. Pitless will begin construction in 2 months' time. In order to begin construction Pitless purchased the following items(20 Marks) 1. Crane for $160,000 on December 1, 2021. They expect this crane to be useful for 7 years. 2 Bulldozer for $36,000 to be used for 11 years. 3. On December 15, 2021, Pitless got an exceptional price on a plot at land. The land cost $275,000 and will be held for 10 years. At that point Piltless will expand operations and possibly change locations 4. Piless obtained two insurance policies: policy A obtained December 1, 2021 in the amount of $12.500 for 24 months and polley Bobtained December 15, 2001 for $7,500 for 18 months Pitless also paid $36,000 to rent a dump truck on December 1, 2021 to be used in construction for the next 2 years. Instructions: Record all the transactions Pitless Corp Debit Credit Transactions Dec 1 Dec 1 Dec 1