Reference no: EM132752621

Problem 1: The costs of land improvements with limited lives, such as a parking lot, are

Option 1: depreciated over their useful lives.

Option 2: recorded in a separate account and depreciated over their useful lives.

Option 3: recorded in a separate account.

Option 4: added to the land account.

Problem 2: Which of the following would not be included in the cost of an item of property, plant, and equipment?

Option 1: The purchase price net of any trade discounts and rebates.

Option 2: Costs of obligations associated with the asset's eventual disposal.

Option 3: Delivery costs.

Option 4: Costs of training employees to use the asset.