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Explain how the cost principle applies to plant assets

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Reference no: EM132421113

Question 1: Explain how the cost principle applies to plant assets.

Question 2: Discuss the three methods for calculating depreciation on plant assets (straight line, declining balance, and units of activity). Be sure to take note of the date on which an asset is placed into service since this may require depreciation to be recorded for a partial year.

Question 3: Describe how to account for the disposal of plant assets.

Question 4: Identify the basic issues related to reporting natural resources and intangible assets.

Reference no: EM132421113

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