The following statement about inherent risk assessments for property, plant, and equipment is inaccurate:

(a) normally low for the presentation and disclosure assertion for plant assets acquired under capital leases.

(b) normally low for the existence or occurrence assertion in a merchandising entity because plant assets are not generally vulnerable to theft.

(c) normally moderate to high for the existence or occurrence assertion in a manufacturing entity because scrapped or retired plant assets may not be written off the books.

(d) normally low for the accuracy or valuation and allocation assertions when plant assets are purchased for cash.