Long-lived assets, like buildings and equipment, are divided into tangible and intangible types. Tangible assets have physical form and can be depreciated over time. The cost of these assets includes all expenses to get them ready for use. When assets are contributed, their value should be recognized. Depreciation spreads the cost of assets over their useful life. There are simplified methods for calculating partial-year depreciation. FASB ASC 410-20 guides how to account for liabilities when assets are retired.