Which of the following is not an example of a fixed asset for a company engaged in coal mining? a. Land b. Storage depot c. Mining equipment d. Stock of coal Items of property, plant and equipment (PP\&E) may be acquired for a lump-sum without identification of the cost of each asset. The total cost must be allocated to the individual assets based on: a. replacement value. b. independent valuation. c. market value at the date of acquisition. d. fair value at date of acquisition. When a second-hand building is purchased which of the following should be recognised in a separate asset account instead of being debited to the building account? a. The cost of installing an air conditioning system b. Stamp duty paid on the building purchase c. Legal fees for the purchase of the building d. Expenditure on initial repairs to the floor of the building