121. A copyright is an intangible asset with an indefinite useful life.
122. A trademark is a tangible asset with an indefinite useful life.
123. Title search and document costs incurred to purchase a building are expensed in the period the building is acquired.
124. The depreciable cost of a long-term asset is the difference between the amount paid for the asset and its salvage value.
125. Late in a plant asset's useful life, the amount of depreciation that would be recorded with the double-declining balance method is less than the amount that would be recognized with straight-line depreciation.
126. The purchase of a new delivery truck for cash is an asset use transaction.
127. Recognizing depreciation expense on equipment or a building is an asset use transaction.
128. Accumulated Depreciation is a temporary account that is closed each year.
129. When depreciation is recorded on equipment, Depreciation Expense is debited and Equipment is credited.
130. With an accelerated depreciation method, an asset can be depreciated below its salvage value.