The cost of paving a parking lot should be charged to:

Name: The cost of paving a parking lot should be charged to:
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Question

Quizplus · Accepted Answer

Paving a parking lot involves adding a permanent improvement to the property, which should be capitalized and depreciated over its useful life as a land improvement. It is not an immediate expense that can be deducted in the current period, nor is it a repair or maintenance expense. It also cannot be charged to the cost of land, as land is considered a non-depreciable asset.

The Cost of Paving a Parking Lot Should Be Charged