Explanation:

- Work in progress: This term refers to items that are still in the production process and not yet completed. Since they are not finished goods or long-term assets, they are not subject to depreciation.

- Land: Land is not depreciated because it does not wear out or become obsolete over time. It is considered an indefinite-lived asset.

- Finished goods: These are completed products ready for sale. They are part of inventory and not subject to depreciation.

- Capital goods: These are long-term assets like machinery, buildings, and equipment used in the production process. They depreciate over time due to wear and tear.

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