Presented Below Is Information Related to Plant Assets and Intangible

question 159

Essay

Presented below is information related to plant assets and intangible assets at year end on December 31, 2014, for Looper Company: $\begin{array}{lr}\text { Buildings } & \$ 1,180,000 \\\text { Goodwill } & 370,000 \\\text { Patents } & 480,000 \\\text { Land } & 390,000 \\\text { Accumulated Depreciation } & 650,000\end{array}$ Instructions
Prepare a partial balance sheet for Looper Company that shows how the above listed items would be presented.

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Definitions:

Subsidiaries

Companies controlled by a parent company through the ownership of more than half of their voting stock or through other means of control.

Available-for-Sale Securities

Debt or equity securities not classified as held-to-maturity or trading securities, measured at fair value, with changes in value recorded in other comprehensive income.

Fair Value

An estimate of the price at which an asset would trade in a fair transaction between willing market participants, reflecting its intrinsic value.

Year-end Adjustment

Financial adjustments made at the end of the accounting year to reflect accurate and up-to-date information in financial statements.