Asset Valuation The following assets were held by Quagmire Corporation at December 31, 2000:

Determine the amount to be reported for each asset in Quagmire’s balance sheet at December 31, 2000.

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Date Expected Fair Asset Acquired Life Cost Value Accounts Dec. 1-31, receivable 2000 n/a $230,000 $210,000 Inventory Jan. 1, 2000 n/a 150,000 162,000 Buildings and equipment Jan. 1, 1990 30 years 600,000 370,000 Patent Jan. 1, 1997 8 years 32,000 27,000 Marketable securities Jan. 1, 2000 n/a 22,000 19,000 Prepaid insurance Jan. 1, 1997 5 years 20,000 5.000