Problem
21st Century Farms Inc. is a high-tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather.
As their accountant, you have been asked to make a partial balance sheet for their fixed assets for the year ended December 31, 2016.
Their books currently show the following information:
|
Account
|
Amount as of
December 31, 2016
|
|
Buildings
|
$ 1,080,000
|
|
Goodwill
|
420,000
|
|
Patents
|
600,000
|
|
Farm Equipment
|
390,000
|
|
Accumulated Amortization, Buildings
|
670,000
|
|
Accumulated Amortization, Farm Equipment
|
275,000
|
|
Accumulated Amortization, Patents
|
120,000
|
Recreate the following table in a .doc or .docx format using word-processing software. When finished, save the document and submit it for evaluation along with all of the documents from the other tasks in this assessment.