Wu company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase: Purchase price of the land, $150,000 Real estate commissions of 7% of the purchase price Land survey, $5,000 Back taxes, $5,000 What is the initial value of the land? $160,000 $160, 500 $165, 500 $170, 500 Which of the following types of subsequent expenditures normally is capitalized? Additions. Improvements. Rearrangements All of the above are normally capitalized. During the current year, Orr Company incurred the following costs: In its income statement for the current year, what amount should Orr report as research and development expense? $150,000 $200,000 $350,000 $525,000 The exclusive right to benefit from a creative work, such as a film, is a: Patent. Copyright. Trademark Franchise