Required: For each of the following items, select whether the cost should be capitalized or expensed. Transactions 1. Purchased a machine, $70,000; gave long-term note. 2. Paid $600 for ordinary repairs. 3. Purchased a patent, $45,300 cash. 4. Paid cash, $200,000, for addition to old building, 5. Paid $20,000 for monthly salaries. 6. Paid $250 for routine maintenance. 7. Paid $16,000 for extraordinary repairs