Instructions Prepare a balance sheet as of December 31, 2017, so that all important information...

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Instructions Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. P5-4 (L03) GROUPWORK (Preparation of a Corrected Balance Sheet) The balance sheet of Kishwaukee Corporation as of December 31, 2017, is as follows. KSHWAUKEE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion s 120,000 1,640,000 312,100 950,000 170,000 87,000 175,900 Cash in bank Debt investments (held-to-maturity) 70,000 138,000 $3,663,000

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