A business purchased equipment for $52,500 in March of the current year. The machine is expected to provide useful output of 100,000 units over its expected useful life. At the end of its useful life, the machine has an expected residual value of $2,500. Actual output for the current year was 35,000 units. Using the units-of-output method, the current year depreciation expense is $17,500.

True/False

Tangible personal property is depreciated but real property is not depreciated.

True/False

Land purchased for a future building site or as an investment would not be shown in the Property, Plant, and Equipment section of the balance sheet.

True/False