Acquisition of a Long-Lived Tangible Asset Cedar Fair's Assets AT DECEMBER 31 Year 2 Year 1 Cost Principle un milions Current Assets details omitted to a space Property and Equipment All reasonable and necessary costs to acquire and prepare the asset for its intended use 1.500 Capitalized on the Balance Sheet 2,700 Land improvements Buildings Equiment Construction in Progress Property and Equipment, at cost Les : Accumulated Depreciation Property adquipment net Goodwill and other intangible A Other Assets Total 1.1601 , 275 Expensed on the come statement Knowledge Check 01 Which of the following costs are included in the capitalized cost of a tangible asset? All reasonable and necessary costs to acquire the asset for use All reasonable and necessary costs to maintain the asset All reasonable and necessary costs to operate the asset ? All reasonable and necessary costs to prepare the asset for use