Cost of asset-sources to estimate life

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Reference no: EM1332734

1. What is included in the cost basis of a long-lived asset? Explain for at least 2 types of such assets.

2. What sources are reliably used to estimate an asset's useful life?

3. How is the appropriate depreciation method determined?

4. Has the concept of asset impairment changed accounting for long-lived assets under the historical cost method? If so how?

Reference no: EM1332734

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