Classify Each of the Following Costs Associated with Long-Lived Assets

question 86

Multiple Choice

Classify each of the following costs associated with long-lived assets as one of the following:
-Cost of grading and leveling land to be used for a new business site

• A)Land improvements
• B)Buildings
• C)Land
• D)Machinery and equipment

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Definitions:

Gift Revoked

The act of withdrawing or cancelling a gift before it has been transferred to or accepted by the intended recipient.

Immediate Death

Death that occurs instantly or very shortly after an event, such as an accident or attack, without any significant intervening time.

Statute Of Frauds

State-level legislation that addresses the enforceability of contracts that fail to meet the requirements set forth in the statute; serves to protect promisors from poorly considered oral contracts by requiring that certain contracts be in writing.

Bailment

The legal relationship established when possession, but not ownership, of personal property is transferred from one person to another under an agreement.