Why is land not depreciated? What are land improvements? Why do we record land and land improvements separately?
What will be an ideal response?
Land is not depreciated because its service life never ends. Land improvements are additional amounts spent to improve the land such as a parking lot, paving, temporary landscaping, lighting systems, fences, sprinkler systems, and similar additions. We record land improvements separately from land because, unlike land, these assets are subject to depreciation.
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Judicial interpretations of statutes are as much the law as the statutes themselves
Indicate whether the statement is true or false