For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
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Definitions:
High Pressure Pump
A pump designed to operate at high pressures, commonly used in various industrial processes, including water treatment, hydraulic systems, and in the oil and gas industry.
Preventive Maintenance
Routine maintenance and inspections to prevent potential failures or breakdowns of equipment.
Useful Life
The estimated period of time over which an asset is expected to be used before it is fully depreciated.
Selling Price
The amount a customer pays to purchase a product or service.
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