The cost of land to be used in the operations of a business should include all of the following except O Excavation in preparation for the construction of a new building on the land. O Property taxes at the date of acquisition assumed by the purchaser. The cost of a survey. Commission related to the land acquisition. Question 32 If a mining company extracts 3,000,000 tons in a period but only sells 2,400,000 tons, O depletion expense is recognized on the 2.400.000 tons extracted and sold. O depletion expense is recognized on the 3,000,000 tons extracted. O total depletion on the mine is based on the 2.400,000 tons. O a separate accumulated depletion account is set up to record depletion on the 600.000 tons extracted but not sold. Question 33 To qualify as natural resources in the accounting sense, assets must be O underground. O physically extracted in operations. O replaceable. O of a mineral nature Question 34 Goodwill O is easily computed by assigning a value to the individual attributes that comprise its existence. O exists in any company that has earnings which differ from those of a competitor. O represents a unique asset in that its value can be identified only with the business as a whole. O generated internally, should not be capitalized unless it is measured by an individual who is independent of the enterprise concerned. Question 35 Which of the following should not be recognized as an asset? Development costs incurred after establishing commercial and technological feasibility. Excess of cost over fair value of net assets acquired in a business combination which is treated as an acquisition. O Costs incurred in organizing a corporation. O Patent right purchased from an investor