None

C

Land has unlimited useful life and is not consumed when it is used, and therefore not subject to depreciation.

The correct answer is C. land.

Depreciation is the systematic allocation of the cost of an asset over its useful life. It is used to recognize the gradual decline in the value or usefulness of an asset as it is used or becomes outdated. However, land is not subject to depreciation because it is considered to have an indefinite useful life and its value is expected to remain relatively stable or appreciate over time.

Let's examine the other options:

A. Automobiles: Automobiles are subject to depreciation. They are tangible assets with a limited useful life due to wear and tear, obsolescence, and technological advancements. The cost of an automobile is typically allocated over its estimated useful life, and depreciation expenses are recorded annually to reflect the decline in value.

B. Machinery: Machinery is subject to depreciation. Similar to automobiles, machinery is a tangible asset with a finite useful life. It experiences wear and tear, may become technologically outdated, and requires maintenance and repairs over time. Depreciation is used to allocate the cost of machinery over its useful life.

D. Land improvements: Land improvements are subject to depreciation. Land improvements refer to enhancements made to the land that increase its value or utility. Examples of land improvements include driveways, fences, sidewalks, and landscaping. While land itself is not depreciable, the improvements made to the land have a limited useful life and are subject to depreciation.

In summary, while automobiles, machinery, and land improvements are subject to depreciation, land itself is not depreciated because it is considered to have an indefinite useful life and its value is expected to remain stable or appreciate over time.