Capstone analytical review of @ Chapters 2-4. Calculate liquidity and profitability measures and explain various financial statement relationships for an excavation contractor Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2019, financial statements: For the Year Ended December 31, 2019: Net revenues $ 96,600 Cost of services provided 34,200 Depreciation expense 19.500 Operating income $ 42.900 Interest expense 11,400 Income tax expense 9,600 Net income $ 21,900 At December 31, 2019: Assets Cash and short-term investments $ 8,400 Accounts receivable, net 29,400 Property, plant, and equipment, net 232,200 Total assets $270,000 Liabilities and Stockholders' Equity Accounts payable $ 4,500 Income taxes payable 4,800 Notes payable (long term) 142,500 Paid-in capital 30,000 Retained earnings 88,200 Total liabilities and stockholders' equity $270,000 At December 31, 2018, total assets were $246,000 and total stockholders' equity was $97,800. There were no changes in notes payable or paid-in capital during 2019. Required: Page 135 a. The cost of services provided amount includes all operating expenses (selling, general, and administrative expenses) except depreciation expense. What do you suppose the primary reason was for management to separate depreciation from other operating expenses? From a conceptual point of view, should depreciation be considered a "cost" of providing services