Question Details

Future removal and site restoration costs should be estimated in advance 


TRUE OR FALSE:
1.	Natural resources are often called wasting assets because it is difficult to use the assets in an efficient manner.

	2.	Future removal and site restoration costs should be estimated in advance and allocated over the useful life of a natural resource.

	3.	Straight-line amortization will result in a higher net income than the doubledeclining- balance method in the early years of an asset- life.

	4.	Amortization Expense for a period is only recognized on natural resources that have been extracted and sold during the period.

	5.	The cost of an intangible asset with a definite life must be amortized over a 40-year period.



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