Muskegon Co. acquired an adjacent vacant lot with the hope of selling it in the future at a gain The lot is not intended to be used in Muskegon's business operations. Where should such real estate be listed in the balance sheet? Are the amounts at which fixed assets are reported in the balance sheet their approximate market values as of the balance sheet date? Discuss. Lowell Company purchased a machine that has a manufacturer's suggested life of 18 years. The company plans to use the machine on a special project that will last 12 years. At the completion of the project, the machine will be sold Over how many years should the machine be depreciated