60.1K

Verified Solution

Link Copied!

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 Acquisition Cost Expected Life Residual Value Time Used Land $104,300 Infinite 10 years Building 430,000 25 years 30,000 10 years Machine 285,000 5 years 10,000 2 years Patent 80,000 10 years 3 years Truck 21,000 100,000 miles 3,000 44,000 miles 0 Required: Use the information above to prepare the property, plant, and equipment and intangible assets portions of a classified balance sheet for Westfield. Accounts, Labels and Amount Descriptions > Balance Sheet Shaded cells have feedback. Balance Sheet Instructions Accounts Accumulated Depreciation-Building Accumulated Depreciation-Machine Accumulated Depreciation-Truck Building Land Machine Patent, net of amortization Truck Labels December 31, 2019 For the year ended December 31, 2019 Intangible assets Property, plant, and equipment Amount Descriptions Total property, plant, and equipment Westfield Semiconductors Score: 81/108 Classified Balance Sheet (partial) December 31, 2019 1 Property, plant, and equipment: 2 Land $104,300.00 3 Building $430,000.00 4 Less: Accumulated Depreciation-Building 160,000.00 5 Machine $285,000.00 6 Less: Accumulated Depreciation-Machine 110,000.00 7 Truck $21,000.00 8 Less: Accumulated Depreciation-Truck 7,920.00 9 Total property, plant, and equipment $562,380.00 10 Intangible assets: 11 Patent, net of amortization $56,000.00 Points: 18/24 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

Answer & Explanation Solved by verified expert

See Answer