List the errors you find in the following partial balancesheet: Contours Company Balance Sheet December 31, 2012
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Contours Company Balance Sheet December 31, 2012 Assets Total current assets 350,000 Replacem Accumulated Book Value Cost Property, plant, and equipment Land Buildings 25,000 75,000 90,000 166,000 110,000 187,000 24,000 48,000 20,000 .$100,000 256,000 Office equipment Patents Goodwill 72,000 48,000 27,000 48,000 7,000 Total property, plant, and equipment...S800,000 $280,000 $520,000
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1 Fixed assets should be reported at cost and not replacement cost 2 Land doe...View the full answer
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