Equipment is a tangible long-term asset that benefits a business over several years of use. Computers, trucks and manufacturing machinery are all examples of equipment. They are tangible because they have a physical form—unlike intangible assets (such as patents, trademarks or copyrights) that do not.
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While the full cost of equipment is added to the balance sheet at the time of purchase, the expense is amortized (spread across several years) rather than deducted all at once. This amortization expense appears on the income statement.