Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure the company has property and equipment, intangible assets, and long-term debt on its balance sheet. Using techniques you have learned in the previous weeks, respond to the following questions.

1. What is the amount of property and equipment on the balance sheet for the two most recent years? What is the amount of depreciation expense? What amounts are on the cash flow statement for the most recent year that relate to depreciation, gains and sales of property and equipment, and purchases and sale of property of equipment? What amounts are permitted for inclusion in the capitalized cost of property and equipment?

2. Looking at the footnote disclosures of the company, what are the individual components of property and equipment? For example, what are the amounts for land, building, equipment, accumulated depreciation, and so forth? How do companies account for nonmonetary exchange and dispositions of property and equipment?

3. Does the company have intangible assets? If so, what are the types of intangible assets (patent, copyrights, etc.) and their amounts? What is the amount of amortization expense? What amounts on the most recent cash flow statement relate to the purchase and sale of intangible assets? How do intangible assets differ from property and equipment? What costs do we include in intangible assets?

4. Does the company have goodwill? What are the footnote disclosures relating to goodwill and the related acquisition? Please also describe the calculation of goodwill and how we account for differences between fair value and book value of assets acquired.

5. What are the company's depreciation methods? What is the range of estimated useful lives used for depreciating its assets? Does the company use the same depreciation methods for financial statements and tax returns? If not, please describe the methods used for tax purposes.