At least 600 words.
Problem 1: What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets.
Problem 2: What sources are reliably used to estimate an asset's useful life?
Problem 3: How is the appropriate depreciation method determined?
Problem 4: Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?