Which of the following is not a correct statement regarding the historical cost of fixed assets

Question

Answer

The costs of improvements to equipment incurred after its acquisition should be added to the asset's 
 
cost if they provide future service potential.

Answer

Proceeds obtained in the process of readying land for its intended purpose, such as from the sale of 
 
cleared timber, should be recognized immediately in income.

Answer

The purchase price, freight costs, and installation costs of a productive asset should be included in 
 
the asset's cost

Answer

Special assessments imposed by a local government for sewage and drainage systems are 
 
recorded by the owner of the land in the land account.

Crowdly

Which of the following is not a correct statement regarding the historical cost ...

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