Indicate which of the following are true:

a. CFS Inc. owns a warehouse but the company currently has no purpose for this warehouse in its current operations. CFS decided to rent out the warehouse to Barber Company. Since it is renting the warehouse to Barber, CFS Inc. should not report the warehouse on its Statement of Financial Position.

b. Property, plant and equipment are capitalized and depreciated over their useful lives as they are expected to provide economic benefit over many periods, not just one year.

c. Happy Homes Inc. recently purchased new equipment. The costs that were incurred by Happy Homes to train employees to operate the equipment should be added to the cost of the equipment on its Statement of Financial Position.

d. An estimate for asset retirement costs is often added to the cost of a long-lived asset and capitalized and amortized over the asset's useful life.

e. There are three classes of property, plant and equipment: land, buildings and equipment.

f. The cost of getting land ready for its intended use should be recorded to land improvements.

g. When building and land are acquired together for a single price, a company should use fair value (i.e. appraised value) to allocate the purchase price between the building and the land separately and record building separate from land on the Statement of Financial Position.

h. Have-Art-T Ltd. is planning to purchase a new truck to deliver cheese to its customers. When Have-Art-T records the purchase of the truck it should capitalize the cost of the truck, the custom paint work on the truck, the initial registration and the annual insurance coverage costs.

i. To identify whether an expenditure on an existing asset is a capital or an operating expenditure, a company needs to consider whether the expenditure simply maintains an asset's normal operating condition, in which case it is treated as an expense (operating expenditure), or extends the asset's life, in which case it is recorded as an assets (a capital expenditure).