using the information in the photos can you please help me prepare the 2020 Capital Assets section of the balance sheet for Rissot Rissot Enterprises has invested in numerous capital assets recently. The organization operates invarious industries throughout northern Ontario, mainly in natural resources and production. Thecompany was founded in the second half of 2018 and the calendar year is its fiscal year. Thecompany's management has almost no knowledge of bookkeeping and accounting and has asked youto advise it on preparing the Capital Assets section of its balance sheet for 2020. A previousaccountant did prepare the 2019 Capital Assets section although that accountant has moved toanother country and took the records with her. The management of Rissot has also mis-placed thesame records.A description of some of the investments include:Useful lifeDepreciation/Applicabledepreciationfrom theAsset TypeDate of purchaseCostAmortizationdate ofmethodratepurchaseLandDecember 1, 2018AdvisemanagementBuilding$1,200,000 40 yearsDecliningbalanceDecember 1, 20185%Parking lotDecember 1, 201810 yearsStraight-lineEquipmentJanuary 1, 2019$300,0003,000 unitsUnits of activityProductJuly 1, 2019$150,00015 years?PatentsTimber tractOctober 1, 2019$1,400,000 1,400 sq.Units of activitykmsDelivery van 2 April 1, 20196 yearsDecliningbalance$23,00020% Additional information was also made available to you including:The December 31st, 2020 cash balance was $324,800.The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the landat $1,000,000, the building at $400,000 and the parking lot at $100,000.• In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.• Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.kms of useful life was left after 2020.• Shortly after the patents were acquired the organization successfully defended the patent in court. Thiscost the organization $25,000.Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which readRissot soon after its purchase.

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using the information in the photos can you please help me prepare the 2020 Capital Assets section of the balance sheet for Rissot

Rissot Enterprises has invested in numerous capital assets recently. The organization operates in
various industries throughout northern Ontario, mainly in natural resources and production. The
company was founded in the second half of 2018 and the calendar year is its fiscal year. The
company's management has almost no knowledge of bookkeeping and accounting and has asked you
to advise it on preparing the Capital Assets section of its balance sheet for 2020. A previous
accountant did prepare the 2019 Capital Assets section although that accountant has moved to
another country and took the records with her. The management of Rissot has also mis-placed the
same records.
A description of some of the investments include:
Useful life
Depreciation/
Applicable
depreciation
from the
Asset Type
Date of purchase
Cost
Amortization
date of
method
rate
purchase
Land
December 1, 2018
Advise
management
Building
$1,200,000 40 years
Declining
balance
December 1, 2018
5%
Parking lot
December 1, 2018
10 years
Straight-line
Equipment
January 1, 2019
$300,000
3,000 units
Units of activity
Product
July 1, 2019
$150,000
15 years
?
Patents
Timber tract
October 1, 2019
$1,400,000 1,400 sq.
Units of activity
kms
Delivery van 2 April 1, 2019
6 years
Declining
balance
$23,000
20%

Additional information was also made available to you including:
The December 31st, 2020 cash balance was $324,800.
The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land
at $1,000,000, the building at $400,000 and the parking lot at $100,000.
• In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.
• Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.
kms of useful life was left after 2020.
• Shortly after the patents were acquired the organization successfully defended the patent in court. This
cost the organization $25,000.
Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.
Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read
Rissot soon after its purchase.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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