Response to the following questions:
1. What accounting concept justifies charging low-cost plant asset purchases immediately to an expense account?
2. What is the difference between ordinary repairs and extraordinary repairs? How should each be recorded?
3. Identify events that might lead to disposal of a plant asset.
4. What is the process of allocating the cost of natural resources to expense as they are used?
5. Is the declining-balance method an acceptable way to compute depletion of natural resources? Explain.