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Note 4. General Property, Plant and Equipment
Equipment and information technology (IT) assets are capitalized annually if they have useful lives of at least two years and an individual value of $25,000 or more. Bulk or aggregate purchases are capitalized when the individual useful lives are at least two years and a value of $25,000 or more. Depreciation for equipment and software is computed on a straight-line basis using a 5-year life. Leasehold improvements are amortized over the remaining life of the lease. Property, Plant and Equipment as of September 30, 2011 and 2010 consisted of the following:
| 2011 Major Class |
Service Life and Method | Cost | Accumulated Amortization/ Depreciation |
Net Book Value |
|---|---|---|---|---|
| Equipment | 5 Years/Straight Line | $23,845,759 | $(7,582,852) | $16,262,907 |
| IT Software | 5 Years/Straight Line | 10,061,707 | (4,942,862) | 5,118,845 |
| Software in Development - Cost | Not Applicable | 3,513,454 | – | 3,513,454 |
| Leasehold Improvements | Remaining Life of Lease/Straight Line | 15,345,533 | (1,427,205) | 13,918,328 |
| Construction In Progress | Not Applicable | 3,533,361 | – | 3,533,361 |
| $56,299,814 | $(13,952,919) | $42,346,895 |
| 2010 Major Class |
Service Life and Method | Cost | Accumulated Amortization/ Depreciation |
Net Book Value |
|---|---|---|---|---|
| Equipment | 5 Years/Straight Line | $16,216,141 | $(3,676,813) | $12,539,329 |
| IT Software | 5 Years/Straight Line | 7,942,333 | (3,230,165) | 4,712,168 |
| Software in Development - Cost | Not Applicable | 1,778,364 | – | 1,778,364 |
| Leasehold Improvements | Remaining Life of Lease/Straight Line | 6,043,344 | (653,766) | 5,389,577 |
| Construction In Progress | Not Applicable | 784,349 | – | 784,349 |
| $32,764,531 | $(7,560,744) | $25,203,787 |