For Each of the Following Items, Identify Whether They Are

question 46

Essay

For each of the following items, identify whether they are a tangible or intangible asset. In addition, if the asset is long-lived, identify whether it is depreciated, amortized, or depleted. If the asset is not a long-lived asset, identify it as a current asset.
$\begin{array}{lccc}&\underline {\text { Tangible/ }}&\underline { \text { Depreciated/ } }\\&\underline {\text {Intangible/Current } }&\underline { \text { Amortized/Depleted } }\\ \text { 1) Natural gas reserves } &----&----\\ \text { 2) Warehouse forklift} &----&----\\ \text { 3) Computers held for resale} &----&----\\ \text { 4) Copyrights} &----&----\\ \text { 5) Land} &----&----\\ \text { 6) Delivery truck} &----&----\\ \text { 7) Trademarks} &----&----\\ \text { 8) Oil and coal} &----&----\\ \text { 9) Building} &----&----\\ \text { 10) Building owned by a real estate company;}\\ \text { Building for sale} &----&----\\ \text { 11) Accounts receivable} &----&----\\\end{array}$

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Definitions:

Gift

A voluntary transfer of property or funds from one person to another without expecting anything in return.

Written Confirmation

A documented acknowledgment that verifies and details the contents of a previous agreement or conversation.

Binding Agreement

A legal contract or decision that is enforceable in a court of law between two or more parties.

Merchant

An individual or business that sells goods or services in a commercial transaction.