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M8-1 Classifying Long-Lived Assets and Related Cost Allocation Concepts LO8-1, 8-3, 8-6 For each of the following long-lived assets, select its nature and the related

M8-1 Classifying Long-Lived Assets and Related Cost Allocation Concepts LO8-1, 8-3, 8-6

For each of the following long-lived assets, select its nature and the related cost allocation concept.

Asset Nature Cost Allocation
(1) Tractors
(2) Land in use
(3) Timber tract
(4) Warehouse
(5) New engine for old machine
(6) Operating license
(7) Production plant
(8) Trademark
(9) Silver mine
(10) Land held for sale

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