1. Assets classified as Property, Plant, and Equipment, can be either True or False? acquired for use in operations, or acquired for resale. II. When land with an old building is purchased as a future building site, the cost of removing the old building is part of the cost of the land. III. Companies should never offset interest revenue against interest cost when determining the amount of interest to be capitalized as part of the construction cost of assets. IV. Assets purchased on long-term credit contracts should be recorded at the present value of the consideration exchanged