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5.4 Chapter Appendix

Final Trial Balance and Financial Statements

Figure 5.7 Appendix A

Figure 5.8 Appendix BIn a subsequent chapter, the reporting of noncurrent assets with finite lives will be covered in detail. The cost of such assets is subject to depreciation over their estimated useful lives so that a net book value is reported that falls each period. Therefore, the $40,000 is used here simply to illustrate the placement of the balances.