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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.

Asset	Acquisition Cost		Expected Life		Residual Value		Time Used
Land	$104,300			Infinite	$100,000		10	years
Building	452,000		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.

Westfield Semiconductors Classified Balance Sheet (partial) December 31

Property, plant, and equipment:
Accumulated DepreciationAmortizationCashLandPatent		$- Select -
Accumulated DepreciationAmortizationCashBuildingPatent	$- Select -
Add: Accumulated depreciationLess: Accumulated depreciationLess: AmortizationLess: BuildingLess: Patent	- Select -	blank
Building, net	blank	fill in the blank 7
Accumulated DepreciationAmortizationCashMachinePatent	$- Select -
Add: Accumulated depreciationLess: Accumulated depreciationLess: AmortizationLess: LandLess: Patent	- Select -	blank
Machine, net	blank	fill in the blank 12
Accumulated DepreciationAmortizationCommon stockPatentTruck	$- Select -
Add: Accumulated depreciationLess: Accumulated depreciationLess: AmortizationLess: BuildingLess: Patent	- Select -	blank
Truck, net	blank	fill in the blank 17
Total property, plant, and equipment		$fill in the blank 18
Intangible assets:
Accumulated depreciationBuildingLandMachinePatent, net of amortization		$- Select -