Provide definitions for the following terms.
1. Depreciation
2. Extraordinary Repair
3. Property, Plant, and Equipment
1. Depreciation - The process by which businesses spread the allocation of a plant asset's cost to expense over its useful life.
2. Extraordinary Repair - Repair work that generates a capital expenditure because it extends the asset's life past the normal expected life.
3. Property, Plant, and Equipment - Long-lived, tangible assets, such as land, buildings, and equipment used in the operation of a business.
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