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Balance sheet presentation List the errors you find in the following partial balance sheet: Burnt...

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Accounting

Balance sheet presentation
List the errors you find in the following partial balance sheet:
Burnt Red Company
Balance Sheet
December 31,20Y2
Assets
Total current assets $350,000
Line Item Description Replacement
Cost Accumulated
Depreciation Book
Value
Property, plant, and equipment:
Land $250,000 $50,000 $200,000
Buildings 450,000160,000290,000
Factory equipment 375,000140,000235,000
Office equipment 125,00060,00065,000
Patents 90,00090,000
Goodwill 60,00010,00050,000
Total property, plant, and equipment $1,350,000 $420,000 $930,000
Line Item Description Answer
1. Fixed assets should be reported at
2. Land
3. Patents and goodwill should be
4. Goodwill should be

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