Intangible assets should be reported under the heading Property, Plant, and Equipment. are not reported on the balance sheet because the lack physical substance. should be reported as Current Assets on the balance sheet. should be reported as a separate classification on the balance sheet. The cost of a long-lived asset (except land) is expensed when it is paid for. as the asset benefits the company. in the period in which it is acquired. in the period in which it is disposed of. In early January 2008, Abbott Manufacturing purchased a exist32,000 machine. Abbot plans on using the machine for 5 years. Expected salvage value is exist7,000. Assuming the straight line method, the total accumulated depreciation after recording depreciation for the third year of use is exist13, 500. exist15,000. exist16, 500. exist18,000 The cost of a long-lived asset (except land) is expensed when it is paid for. as the asset benefits the company. in the period in which it is acquired. in the period in which it is disposed of