This module centers on long-term assets, liabilities, and equity. Long-term assets include the productive operational assets that help a company to generate revenue. Common examples include property, plant, equipment, intangible assets, and natural resources. Liabilities, which represent an entity's obligations to outside parties, include both current and noncurrent liabilities. Current liabilities are those that will generally be satisfied within one year, while long-term or noncurrent liabilities are those that will be satisfied in more than one year. Stockholders' equity includes total paid-in capital (that is, contributed capital) such as common stock, preferred stock, and paid-in capital in excess of par. Equity also includes an entity's retained earnings, which represent the accumulation of net income and net losses less any dividends paid to shareholders. The exercises and problems this week should solidify your understanding of the accounting treatment associated with long-term assets, liabilities, and equity. In the assignment, you will classify expenditures as capital or revenue, record depreciation expense using multiple allocation methods, and record journal entries for asset dispositions including any associated gain or loss. You will also calculate interest expense, record journal entries associated with short-term and long-term liabilities, report stock transactions and total equity, and evaluate the relationship