BALANCE SHEET PRESENTATION The following information relates to the assets of Westfield Semiconductor as of December 31, 2009. Westfield uses the straight-line method for depreciation and amortization.

Asset Acquisition Cost Expected Life Residual Value Time Used Land $104,300 Infinite $100,000 10 years Building 430,000 25 years 30,000 10 years Machine 285,000 5 years 10,000 2 years Patent 80,000 10 years 0 3 years Truck 21,000 100,000 miles 3,000 44,000 miles Required:

Use the information above to prepare the property, plant, and equipment and intangible assets portions of a classified balance sheet for Westfield Semiconductors.

Problem Set A