To be included in property, plant, and equipment, an asset must have all of the following EXCEPT

Question

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An asset must have an expected useful life of more than one year to be classified as property, plant, and equipment. It does not have to have an expected life of a normal operating cycle. The other three requirements are that the asset must be held for use, tangible in nature, and have an expected life of more than one year.

To Be Included in Property, Plant, and Equipment, an Asset