Discussion – Extraordinary Repairs

Important Note:

Your discussion post should be a minimum of 10 sentences to earn full credit.  If you struggle to find content for your initial discussion post, try incorporating other parts of the chapter or other reading material.  There is a lot of material discussed in the chapter that can be related to your post.  Discussion posts will be graded on content and length.  To earn full credit, be sure to address the topic and meet the minimum length requirement.

What makes a repair extraordinary (as opposed to ordinary)? Give an example of an ordinary and an extraordinary repair. What is the financial statement effect of recording a repair as an extraordinary repair instead of an ordinary repair?

Are useful life and physical life the same thing relative to fixed assets? Provide some examples that illustrate your answer.