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  3. 1. (a) define long-lived assets. (b) what are the

1. (a) Define long-lived assets. (b) What are the two common categories of long-lived assets?...

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1. (a) Define long-lived assets. (b) What are the two common categories of long-lived assets? (c) Give 2 examples per category. ( 5 points available) 2. Distinguish between ordinary repairs and extraordinary repairs. How is each accounted for? (2 points available) 3. Distinguish between depreciation and amortization. (1 point available) 4. Barber, Inc. depreciates its building on a straight-line basis. A building was purchased on January 1 that had an estimated useful life of 20 years and a residual value of $20,000. The company's Depreciation Expense for that year was $20,000 on the building. What was the original cost of the building? ( 2 points available)

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