Costs of an asset that produce future benefits are Blank______, but costs that produce benefits only in the current period are Blank______.Multiple choice question.operating activities; investing activitiesexpensed; capitalizedcapitalized; expensedcurrent assets; noncurrent assets

The correct answer is "capitalized; expensed".

Step 1: Understand the question. The question is asking about the treatment of costs that produce future benefits versus costs that produce benefits only in the current period.

Step 2: Analyze the options.

Option 1: Operating activities; investing activities. This option is incorrect because it refers to types of business activities, not the treatment of costs.

Option 2: Expensed; capitalized. This option is incorrect because it suggests that costs producing future benefits are expensed, which is the opposite of what is true.

Option 3: Capitalized; expensed. This option suggests that costs producing future benefits are capitalized, and costs producing benefits only in the current period are expensed. This is the correct treatment of these costs in accounting.

Option 4: Current assets; noncurrent assets. This option is incorrect because it refers to types of assets, not the treatment of costs.

Step 3: Choose the correct option. The correct answer is "capitalized; expensed".