Long-term asset terms (Learning Objective 1) 5–10 min.

For each of the following long-term assets, identify the type of expense that will be incurred to allocate the asset’s cost as depreciation expense (DR), depletion expense (DL), amortization expense (A), or none of these (NA).

_____ 1. Franchises _____ 2. Land _____ 3. Buildings _____ 4. Furniture _____ 5. Patents _____ 6. Copyrights _____ 7. Trademarks _____ 8. Land improvements _____ 9. Gold ore deposits AppendixLO1