Listed below are items that may appear on a classified balance sheet. 1. Land 2. Amounts due

Question:

Listed below are items that may appear on a classified Land
2. Amounts due from customers
3. Office building
4. Truck
5. Goods held for resale
6. Amounts owed to suppliers
7. Patent
8. Timberland
9. Land held as investment
10.

Required:
Indicate whether each item is included as an operating asset on a classified If the item is an operating asset, indicate whether the item is property, plant, and equipment, an intangible asset, or a natural resource as well as the cost allocation process used (depreciation, amortization, or depletion). If the item is not an operating asset, indicate the proper classification.
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