Wiley Company purchased new equipment for $60,000. Wiley paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $3,000; installation costs of $2,500; and $240 for the first 12 months of insurance related to the equipment For what amount will Wiley record as a debit to the Equipment account on the Balance Sheet? $60,000 $63.000 $66,600 $66,740 None of the answers are correct. Which of the following subsequent expenditures would be capitalized? Ordinary repair Costs that increase the service life of an asset Routine maintenance Ordinary repair and routine maintenance None of the answers are correct. A building was purchased for $50,000. The asset has an expected useful life of 6 years and depreciation expense each year is $8,000 using the straight-line method. What is the residual value of the building? O $0 $2,000 $4,000 $6,000 None of the answers are correct