Question 3.

What are long-lived assets? (Use 50 to 100 words and give some examples in your definition.)

What specific costs can be capitalized, and how can joint costs be allocated? (Use 100 to 200 words and give some examples in your definition.)

Define three ways to depreciation methods, and show the math that demonstrates how each method is used to depreciate a $50,000 automobile (including a depreciation timeline > 4 years.