Reported Assets Shakeup Corporation reported the following assets and values at December 31, 2000:

a. At what amount should Shakeup Corporation report each asset if it is planning to remain in business for the next twenty years?

b. At what amount should Shakeup Corporation report each asset if it is planning to discontinue its business on January 2, 2001, and liquidate its assets?

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Carrying Net Acquisition (Book) Realizable Asset Accounts Price Value Value receivable $230,000 $230,000 $215,000 Inventory 420,000 420,000 406,000 Prepaid insurance 24,000 16,000 5,000 Building and equipment 400,000 320,000 350,000 Land 80,000 80,000 88,000