Response to the following questions:
1. In early January 2011, a company acquires equipment for $3,800. The company estimates this equipment to have a useful life of three years and a salvage value of $200. Early in 2013, the company changes its estimates to a total four-year useful life and zero salvage value. Using the straight-line method, what is depreciation for the year ended 2013?
2. What is a betterment? How is a betterment recorded?
3. Give an example of a natural resource and of an intangible asset.