|Property, Plant, and Equipment|
After reading this chapter, you should be able to:
- Determine the amount to record as an asset's cost.
- Compute and record depreciation of property, plant, and equipment by commonly used methods.
- Apply the Modified Accelerated Cost Recovery System (MACRS) for federal income tax purposes.
- Record sales of plant and equipment.
- Record asset trade-ins using financial accounting rules and income tax requirements.
- Compute and record depletion of natural resources.
- Recognize asset impairment and understand the general concepts of accounting for impairment.
- Compute and record amortization and impairment of intangible assets.
- Define the accounting terms new to this chapter.