Lesson 9 Discussion
Explain how the cost principle applies to plant assets.
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.
Describe how to account for the disposal of plant assets. (Be sure to note that the depreciation must be brought up to date before recording the disposal.)
Identify the basic issues related to reporting natural resources and intangible assets.
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