The following items are from the assets section of WestJet Airlines Ltd.'s December 31, 2012, statement of

Question:

The following items are from the assets section of WestJet Airlines Ltd.'s December 31, 2012, statement of financial position (in thousands):

Accounts receivable............................................................................$ 37,576

Accumulated depreciation-aircraft...................................................... 1,127,889

Accumulated depreciation-buildings.........................................................20,025

Accumulated depreciation-ground property and equipment..............................79,052

Accumulated depreciation-leasehold improvements............................................5,536

Accumulated depreciation-spare engines and parts............................................44,713

Aircraft.........................................................................................2,605,277

Buildings.........................................................................................135,924

Cash.............................................................................................1,459,822

Ground property and equipment...............................................................136,167

Inventory.....................................................................................................35,595

Intangible assets............................................................................................50,808

Leasehold improvements...................................................................................16,538

Other assets.....................................................................................................297,899

Prepaid expenses, deposits, and other.......................................................................101,802

Spare engines and parts.............................................................................................146,422

Instructions

(a) Identify the statement of financial position category in which each of the above items should be classified.

(b) Prepare the assets section of the statement of financial position.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...