Q15. Below is the partial balance sheet of Burnt Red Company - Property, Plant, and Equipment section. Some of the items in the presentation are reported in error. Review the section and identify those items that are reported in error and state why they are in error and shouldn't be there. Property, Plant, and Equipment: Land Building....... Factory Equipment. Office equipment............ Patents...... Goodwill Burnt Red Company Balance Sheet December 31, 20x2 Replacement Cost Accumulated Depreciation Book Value $250,000 $50,000 $200,000 $450,000 $160,000 $290,000 $375,000 $140,000 $235,000 $125,000 $ 60,000 $ 65,000 $ 90,000 $ 0 $ 90,000 $ 60,000 $ 10,000 $ 50,000