The cost of a major improvement that extends the service life of an asset would be: Extraordinary repairs.
Unscheduled repairs are capitalized costs that increase the future depreciated value of an asset over its useful life. Unscheduled repairs must extend the useful life of the asset by more than one year, and the value of the repairs must be material. asset.
To become a capital asset, the improvement must last for at least one year. Good examples are land, land reclamation, ease, water rights, buildings, building renovations, vehicles, machinery, equipment, artwork, and historical treasures. , infrastructure and various intangible assets.
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