=+EX 3-20 Book value of fixed assets obj. 2 Chapter 3 The Adjusting Process 131 For a recent period, the balance sheet for Circuit City Stores, Inc., reported accrued expenses of $464,511,000. For the same period, Circuit City reported income before income taxes of $151,112,000. Assume that the accrued expenses apply to the current period and were not recorded at the end of the current period.