Please see attachment and comment on it. Preferred language style US English Acquisition and Disposition of Fixed Assets and Intangible Assets Attachment COLLAPSE Some of the most popular fixed assets and intangible assets include among others, Buildings, land, PPE (property, plant, and equipment), machinery, and equipment to only name a few. Some of the more well-known intangible assets which come to mind include patents, copyrights, goodwill, and trademarks. Acquisition of fixed assets would be recorded at the historical cost (obtained price) plus any other costs associated with bringing the asset into service such as
shipping or freight costs, sales tax, installation fees, and any repair costs to get the asset to revenue generating status which are then allocated through depreciation associated with the fixed assets. When the company chooses to dispose of the fixed asset whether through selling the asset or scrapping, the organization must first determine if there is to be a gain or a loss on the disposal by calculating the accumulated depreciation less the book value (Wiley 2002).
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