Under the cost principle, which asset within property, plant and equipment is NOT depreciated?

1. Depreciation spreads an asset's cost over its useful life as it is "used up". 2. Land is treated as permanent property that is not used up, so it is never depreciated. 3. Equipment, buildings and vehicles all have finite useful lives and are depreciated. 4. Therefore the correct answer is Land. _Source: Jonick, Principles of Financial Accounting (CC BY-SA 4.0), §4.5 "Fixed and Intangible Assets", p.149_