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Attached is a balance sheet prepared by Black Corporation at December 31, 20X6. The following...

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Accounting

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Attached is a balance sheet prepared by Black Corporation at December 31, 20X6. The following notes to the financial statements are also available BLACK CORPORATION NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDING DECEMBER 31, 20X6 NOTE Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $570,000. Depreciation has been recorded based on cost. NOTE 2: Goodwil in the amount of S120,000 was recognized because the company believed that book value was not an accurate representation of the fair market value of the company. NOTE 3: Notes payable are long term except for the current installment due of S60,000 REQUIRED: Prepare a classified balance sheet, in proper form, making any corrections deemed necessary. The notes provided are for information purposes only

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