Consider the following questions:
1. Explain the difference between tangible and intangible long-lived, revenue-producing assets.
2. What is included in the original cost of property, plant, and equipment and intangible assets acquired in an exchange transaction?
3. Identify the costs associated with the initial valuation of a developed natural resource.
4. Briefly summarize the accounting treatment for intangible assets, explaining the difference between purchased and internally developed intangible assets.