In Chapter 10 we are exploring long-term assets in the form of Property Plant & Equipment, also know as PP\&E. We are learning about the acquisition process and related accounting treatment for purchasing long-lived assets for use in the business. As part of our learning, we verified total acquisition costs for single purchases, lump sum purchases, deferred payment contracts and through exchange of securities or donation. Additionally, we learned about intangible assets, their characteristics and the related accounting treatment. For this discussion, please respond to the following prompts: - What is capitalization and why is it important from a business perspective. - When capitalizing a long-term asset, what should be considered in the total cost