C1-11 The Codification:

C1-11 The Codification: Property, Plant, and Equipment A plant manager for a company with which you are consulting states, "The company purchased this machine that we are using in the factory and recorded it at cost. Since we are now using the machine in our production, how should we account for the cost of the machine as we use it?" Required: Search the Codification and provide an answer for the manager that summarizes the related GAAP. Include a Codification reference number for verification