A Company Bought Land and a Building for $128,000

question 56

Multiple Choice

A company bought land and a building for $128,000.The building has a useful life of 20 years.Why should the company split the $128,000 cost between the land and the building?

• A)Land is not depreciated,while the building will be depreciated over its 20-year useful life.
• B)The cost should not be split between the land and building.
• C)The land will be depreciated over 40 years and the building will be depreciated over 20 years.
• D)Both the land and the building will be depreciated over 20 years.

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Definitions:

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