What type of property falls under "legacy property"?

"Legacy property" refers to items that are managed under outdated or older accounting practices. This often includes equipment or assets that were procured before current standards and policies were implemented. These items might still be in use but do not conform to modern accounting methods or systems for tracking and accountability. They can present challenges in terms of inventory management and financial reporting due to their historical accounting methods.

The other options do not accurately capture the essence of legacy property. Newly acquired equipment typically follows current guidelines and procedures. Damaged assets that cannot be repaired are usually written off or addressed in a different manner and wouldn’t fall under the legacy category. Property currently deemed surplus involves items that are no longer needed and is treated according to more recent regulations, making it distinctly separate from legacy property.