A corporation's plant assets include office equipment, a building, and the land on which the building is
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A corporation's plant assets include office equipment, a building, and the land on which the building is located. The corporation's general ledger includes a single account, Plant Assets, and a single account, Accumulated Depreciation-Plant Assets. The corporation's accountant suggests that the plant assets be divided into three accounts, Office Equipment, Building, and Land. The corporation's president does not think this is a good idea. With whom do you agree and why?
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