70.2K

Verified Solution

Link Copied!

5. Presented are accounts from the post-closing trial balance of Eastwood Company at December 31, 2020.

	Debit		Credit
Cash	$ 74,000
Trading debt securities (fair value, $85,000)	102,000
Fair value adjustment trading debt securities			$ 17,000
Accounts Receivable	163,000
Allowance for Doubtful Accounts			8,000
Inventory (net realizable value, $210,000)	208,000
Prepaid Insurance	6,000
Available-for-sale debt securities (fair value, $339,000)	139,000
Fair value adjustment AFS debt securities	200,000
Held-to-maturity debt securities (fair value, $160,000)	124,000
Equipment	400,000
Accumulated depreciation equipment			240,000
Copyrights (net of accumulated amortization)	36,000
Notes payable, short-term			94,000
Accounts payable			148,000
Accrued liabilities			49,000
Bonds payable			200,000
Premium on bonds payable			33,000
Deferred income tax liability			54,000
Common stock, $1 par value, 5,000,000 shares authorized, 300,000 shares issued, 290,000 shares outstanding			300,000
Paid-in capital in excess of par value			45,000
Treasury stock	20,000
Retained earnings			138,000
Accumulated other comprehensive income			146,000
Total	$ 1,472,000		$ 1,472,000

Instructions: Prepare a classified balance sheet.

PLEASE USE EXACT FORMAT AS ABOVE FOR THUMBS UP. PLEASE SHOW ALL WORK.

Answer & Explanation Solved by verified expert

See Answer