ciated over its cxpected useful life of 20 years. As of 2020 , it is atill in use; in fact, because it has been well maintained, it is still fully funetional. The company has no plans to diseontinue its use any time soon. (a) In which section of the balance sheet would this asset appear? (b) What would be the basis of valuation (i.c, what accounting eoncepts apply)? (c) Show how the asset would appear on the balance sheet an the first day it was owned. (d) Show how the asset would appear on the balanee sheet after 10 years of use. (c) Show how the aske would appear on the balance sheet as at December 31,2120. (f) If the company dispased of this equipment on hamwary 1, 2021, for $25,000, what would be reporicd in the income statement and in the balanes sheet? Requiral (a) Show how thes iems would the reported in the gurrent assels sec twa of the batance shect on -ecenther it, 2123. (b) Show how these iterms wodd be reported in the lang term assets sexumal the balance theat for Decenther 31,2220. (c) What is the cotal wiet walie en the haliane athest as at Degenter i1. 2i2i] (d) Do you think thit the tobalisset, whe on the balance sheet is a fair reprecentation of the vatue of the askets? taplain where you think it i. not farr and wity. ciated over its cxpected useful life of 20 years. As of 2020 , it is atill in use; in fact, because it has been well maintained, it is still fully funetional. The company has no plans to diseontinue its use any time soon. (a) In which section of the balance sheet would this asset appear? (b) What would be the basis of valuation (i.c, what accounting eoncepts apply)? (c) Show how the asset would appear on the balance sheet an the first day it was owned. (d) Show how the asset would appear on the balanee sheet after 10 years of use. (c) Show how the aske would appear on the balance sheet as at December 31,2120. (f) If the company dispased of this equipment on hamwary 1, 2021, for $25,000, what would be reporicd in the income statement and in the balanes sheet? Requiral (a) Show how thes iems would the reported in the gurrent assels sec twa of the batance shect on -ecenther it, 2123. (b) Show how these iterms wodd be reported in the lang term assets sexumal the balance theat for Decenther 31,2220. (c) What is the cotal wiet walie en the haliane athest as at Degenter i1. 2i2i] (d) Do you think thit the tobalisset, whe on the balance sheet is a fair reprecentation of the vatue of the askets? taplain where you think it i. not farr and wity