True or False

1. With asset retirement obligations, both an asset and a liability are recorded.
2. With the revaluation model, depreciation is recalculated based on the new value of the asset.
3. Any cost required to purchase a tangible asset (property, plant, equipment) and bring it to its location of operation should be capitalized.
4. With asset exchanges, if the transaction lacks commercial substance, a gain cannot be recorded.
5. With asset exchanges, if a transaction lacks commercial substance, the cost of the asset received is always $0.
6. Property, plant and equipment are held for use in the production or supply of goods or services and are expected to be used for less than 6 months.
7. With a lump sum purchase of assets, you can assign any value to the assets purchased.
8. The revaluation model attempts to capture changes in an asset's value over its life.
9. Site preparation is a cost that should be included when capitalizing an asset.