Statement of Financial Position Presentation Listed below are items that may appear on a classified statement of financial position.

1. Land 2. Amounts due from customers 3. Office building 4. Truck 5. Goods held for resale 6. Amounts owed to suppliers 7. Patent 8. Timberland 9. Land held as investment 10. Goodwill

\section*{Required:}

Indicate whether each item is included as a capital asset on a classified statement of financial position. If the item is a capital asset, indicate whether the item is property, plant, and equipment; an intangible asset; or a natural resource, as well as the cost allocation process used (depreciation, amortization, or depletion). If the item is not a capital asset, indicate the proper statement of financial position classification.

\section*{OBJECTIVE 1 Exercise