The majority of long-term assets consist of property, plant, and equipment and intangibles. These assets are capitalized on the balance sheet and depreciated on the income statement over their estimated useful lives.
Refer to the annual report of BANK OF AMERICA (BAC) to analyze. Research and answer the following:
1. What are the balances of net property, plant, and equipment on December 31, 2008 and 2009?
2. Referring to the notes to the financial statements, what depreciation methods didBANK OF AMERICAuse? What were the estimated useful lives of the assets? What kinds of intangible assets doesBANK OF AMERICAown?
3. What was the percent of net fixed assets compared to total assets forBANK OF AMERICAfor 2008 and 2009?