Multiple Select Question

Select all that apply

Which of the following statements is $($are$)$ accurate regarding equipment purchased within a business? $($Check all that apply.$)$

Equipment purchases are expensed, in their entirety, in the period in which they occur.

Equipment cost is initially recorded as an asset and the cost is allocated over time to expense.

Equipment is an asset.

Equipment is reported on the left side of the accounting equation.

Equipment purchases are reported on the balance sheet.