QUESTION 1 Which of the following is included in the cost of a plant asset? A) amounts paid to make the asset ready for its intended use B) regular repair and maintenance costs C) replacement of damaged parts of the asset D) wages of workers who use the asset in normal operations QUESTION 2 Masonry Construction Group paid $12,000 for a plant asset that had a market value of $14,500. At which of the following amounts should the plant asset be recorded? A) $14,500 B) $6000 C) $12,000 D) $24,000 QUESTION 3 Which of the following is a characteristic of a plant asset, such as a building? A) It is used in the operations of a business. B) It is available for sale to customers in the ordinary course of business, C) It has a short useful life. D) It will have a negligible value at the end of its useful life