1. Recognize the type of assets that are often labeled as land improvements and understand that the distinction between land and land improvements is not always clear.
2. Perform the two tests utilized to identify the need to recognize a loss because of impairment in the value of property or equipment.
3. Explain the justification for capitalizing interest incurred during the construction of property and equipment.
Question: Land is not subjected to the recording of depreciation expense because it has an infinite life. Often,
though, a parking lot, fence, sidewalk, or the like will be attached to land. They, however, do have finite lives. How
are attachments to land—such as a sidewalk—reported? Should they be depreciated?
Answer: Any asset that is attached to land but has a finite life is recorded in a separate account, frequently referred
to as land improvements, and then depreciated over those estimated number of years. The cost of a parking lot
or sidewalk, for example, is capitalized and then written off to expense in the same manner as the accounting for
buildings and equipment.
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