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Chapter 10

Indicate whether the sentence or statement is true or false.


Long-lived assets that are intangible in nature, used in the operations of the business, and not held for sale in the ordinary course of business are called fixed assets.


The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use.


When land is purchased to construct a new building, the cost of removing any structures on the land should be charged to the building account.


Land acquired as a speculation is reported under Investments on the balance sheet.

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