Expenditures capitalized as long$-$lived assets generally include those expenditures that:

Multiple Choice

are made for normal repairs to maintain the usefulness of the asset over a number of years.

are for items that have a physical life of more than a year, regardless of their cost.

are material in amount and that have an economic benefit to the company only in the current year.

are material in amount and that have an economic benefit to the company that extends beyond the current year.