Smith Corporation incurred the following expenditures. Which of these purchases should be capitalized as a long-term asset? (Answer either "Yes" or "No" only;)
1.$8,000 to procure office supplies for the corporate headquarters.
2.$325 for maintenance to a company-owned vehicle.
3.$37,000 for the purchase of an additional company vehicle.
4.$1,800 to paint the offices within a company facility.
5.$75,000 for the use of a consultant.
6.$390,000 for the purchase of annual insurance coverage for the company's operations
7.$64,000 for the purchase of equipment to be used in the company's manufacturing facility.
8.$750,000 for the renovation and refurbishment of an existing company facility, thereby extending the life of the facility for an additional 8 years