Balance sheet presentation

List the errors you find in the following partial balance sheet:

Burnt Red Company

Balance Sheet

December $31,20$Y$2$

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