Acquisition and Valuation of PP&E E10-1 (Acquisition Costs of Realty)The following expenditures and receipts are related to land,land improvements,and buildings acquired for use in a business enterprise.Determine how the following should be classified: Classification (a)Money borrowed to pay building contractor Notes Payable (b)Payment for construction from note proceeds Building (c)Cost of land fill and clearing Land (d)Delinguent real estate taxes on property Land assumed (e)Premium on insurance policy during Building construction (f)Refund of 1-month insurance premium because construction completed early (Building) Chapter LO 2 Identify the costs to include in initial valuation 10-9 of property,plant,and equipment.Chapter 10-9 E10-1 (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. Determine how the following should be classified: Acquisition and Valuation of PP&E (a) Money borrowed to pay building contractor (b) Payment for construction from note proceeds (c) Cost of land fill and clearing (d) Delinquent real estate taxes on property assumed (e) Premium on insurance policy during construction (f) Refund of 1-month insurance premium because construction completed early