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Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured...

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Accounting

Presented below are a number of balance sheet items for Montoya, Inc., for 2019.

Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000

Payroll taxes payable 177,591 Inventory 239,800

Bonds payable 300,000 Rent payable (short-term) 45,000

Discount on bonds payable 15,000 Income tax payable 98,362

Cash 360,000 Rent payable (long-term) 480,000

Land 480,000 Common stock$1 par value 200,000

Notes receivable 445,700 Preferred stock $10 par value 150,000

Notes payable (to banks) 265,000 Prepaid expenses 87,920

Accounts payable 490,000 Equipment 14,70,000

Retained earnings 713,897 Equity Investment (trading-cost) 111,000

Income tax receivable 97,630 Accumulated depreciation-Building 270,200

Goodwill 125,000 Building 16,40,000

Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is $121,000.

Requirements: [8]

Prepare a statement of financial position on December 31, 2019 so that all the information is fully disclosed.

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