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 DescriptionReplacement

CostAccumulated

DepreciationBook

ValueProperty, 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 DescriptionAnswer$1.$ Fixed assets should be reported at

book value.cost.net value.replacement cost.none of these.

$2.$ Land

is amortized.does not depreciate.is listed as a current asset.is listed under intangible assets.none of these.

$3.$ Patents and goodwill should be

listed under current assets.listed under current liabilities.listed under intangible assets.listed under property, plant, and equipment.none of these.

$4.$ Goodwill should be

amortized.depreciated.listed as a current asset.written down upon impairment.none of these.