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Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporation's bookkeeper. Zeus Manufacturing Corporation Balance Sheet for the Year Ended December 31, 2019 \begin{tabular}{lrlr} \hline Assets & & Liabilities and Shareholders' Equity \\ Cash & $225,000 & Accounts payable & $133,800 \\ Accounts receivable (net) & 345,700 & Mortgage payable & 900,000 \\ Inventories & 560,000 & Notes payable & 500,000 \\ Prepaid income taxes & 40,000 & Lawsuit liability & 80,000 \\ Investments & 57,700 & Income taxes payable & 61,200 \\ Land & 450,000 & Deferred tax liability & 28,000 \\ Building & 1,750,000 & Accumulated depreciation & 420,000 \\ Machinery and equipment & 1,964,000 & Total Liabilities & $2,123,000 \\ Goodwill & 37,000 & Common stock, $50 par; 40,000 shares issued & $2,231,000 \\ \multicolumn{1}{c}{ Total Assets } & $5,429,400 & Retained earnings & 1,075,400 \\ & & Total Shareholders' Equity & $3,306,400 \\ & & Total Liabilities and Shareholders' Equity & $5,429,400 \\ & & \end{tabular} Your company has been engaged to perform an audit, during which you discover the following information: purposes. 2. Included in accounts receivable is a $30,000 note due on December 31,2022 , from Zeus's president. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019 . This amount is included in investments. potential future building site, which is included in land. 7. The lawsuit liability will be paid in 2020 . 8. Of the total deferred tax liability, $5,000 is considered a current liability. 9. The current income tax expense reported in Zeus's 2019 income statement was $61,200. 10. The company was authorized to issue 100,000 shares of $50 par value common stock. 11 7 5 Required: Prepare a corrected classified balance sheet as of December 31, 2019. Zeus Manufacturing Corporation Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts receivable (net) Inventories Total current assets Long-Term Investment, at fair value Property, Plant, and Equipment (at cost): Land Building Machinery and equipment Total Less: Accumulated depreciation Total property, plant, and equipment Intangible Asset: Other Assets: Total Assets Total Assets Liabilities

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