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Sagot :
Natural resources and intangible assets are two other forms of long-term assets. The cost of natural resources' development and acquisition are combined and reported. Depletion-produced units are given this cost, less the expected residual value, as compensation.
What is amortization of natural resources?
A tangible asset's cost is spread out over its useful life by depreciation, the cost of extracting natural resources like lumber, minerals, and oil from the ground is allocated by depletion, and intangible assets are deducted over a specific time period, usually the asset's life, by amortization.
The computation of depreciation for a collection of various fixed assets is known as composite depreciation, which uses a single straight-line depreciation rate and average useful life. The technique is used to determine depreciation for all assets in a class, such as manufacturing or office equipment.
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