Balance Sheet Presentation Identify the errors you find in the following partial balance sheet: CHICO COMPANY Balance Sheet December 31, 2047 Assets Total current assets $350,000 Book Replacement Accumulated Cost Depreciation Value Property, plant, and equipment: Land $250,000 $20,000 $230,000 Buildings 400,000 150,000 250,000 Factory equipment 330,000 175,200 154,800 Office equipment 72,000 48,000 24,000 Patents 48,000 48,000 Goodwill 90,000 3,000 87,000 Total property, plant, and equipment $1,190,000 $396,200 793,800 1. Fixed assets should not be: 2. Land: 3. Patents and goodwill should: 4. Goodwill should