Balance sheet presentation OBJ. 6 List the errors you find in the following partial balance sheet:

Burnt Red Company Balance Sheet December 31, 2016 Assets Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350,000 Replacement Cost Accumulated Depreciation Book Value Property, plant, and equipment:

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 250,000 $ 50,000 $200,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000 160,000 290,000 Factory equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,000 140,000 235,000 Office equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000 60,000 65,000 Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 — 90,000 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 10,000 50,000 Total property, plant, and equipment . . . . . . . . $1,350,000 $420,000 $930,000