eBook Show Me How Balance Sheet Presentation The following information relates to the assets of Westfield Semiconductors as of December 31. Westfield uses the straight-line method for depreciation and amortization. Acquisition Cost Asset Expected Life Residual Value Time Used Land $104,300 Infinite $100,000 10 years Building Machine 416,800 285,000 25 years 30,000 10 years 5 years 10,000 2 years Patent 80,000 10 years Truck 21,000 100,000 miles 3,000 3 years 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. Westfield Semiconductors Classified Balance Sheet (partial) December 31 Property, plant, and equipment: Building, net Machine, net 00.00 0 0