Exercise 7-63 Balance Sheet Presentation The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization, Asset Land Acquisition Cost Expected Life $104,300 Infinite 430,000 25 years 285,000 5 years 80,000 10 years 21,000 100,000 miles Residual Value $100,000 30,000 10,000 Building Machine Patent Truck Time Used 10 years 10 years 2 years 3 years 44,000 miles 3,000 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, 2019 Property, plant, and equipment: Land $ 104,300 Building $ 130.000 Less: Accumulated depreciation 160,000 270,000 Machine $285.000 Less: Accumulated depreciation 110.000 175,000 Truck $ 21.000 Less: Accumulated depreciation 9,210 X 11.760 X Total property, plant, and equipment $ 561 060 x Intangible assets: Patent, net of amortization $ 56,000 Feedback Check My Work Be sure to list the company name, statement title, and date. Show only the property, plant, and equipment and intangible asset classifications