Why land building machinery is not current assets

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1359 Points Posted on 27 November 2021
why land building machinery is not current assets??
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On 27 November 2021 at 13:27 Report
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Land building machinery is typically not considered a current asset because its useful life generally extends beyond one year. While an asset can be classified as 'held for sale' if intended to be sold within a year, this is a specific designation. During the period an asset is held for sale, depreciation must cease.

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My grammar is 💯 good I
7306 Points Posted on 27 November 2021

Current assets have a life span of one year only.

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On 27 November 2021 at 15:58
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1359 Points Posted on 27 November 2021
But land building machinery can also be sold in before and after one year ??
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On 27 November 2021 at 17:08
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My grammar is 💯 good I
7306 Points Posted on 27 November 2021

Yes. Held for sale period can be immediate or one year. During this period, you have to stop depreciation

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On 27 November 2021 at 17:23

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