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Presented below is the balance sheet of Sargent Corporation for the current year, 2017

Current assets $489,870 Current liabilities $384,870

Investments . 644,870 Long-term liabilities . 1,004,870

Property, plant, and equipment . 1,724,870 . Stockholders equity . 1,774,870

Intangible assets . 305,000 $3,164,610

$3,164,610

1.		The current assets section includes cash $154,870, accounts receivable $174,870 less $14,870 for allowance for doubtful accounts, inventories $184,870, and unearned rent revenue $9,870. Inventory is stated on the lower-of-FIFO-cost-or-market.
2.		The investments section includes the cash surrender value of a life insurance contract $44,870; investments in common stock, short-term $84,870 and long-term $274,870; and bond sinking fund $240,260. The cost and fair value of investments in common stock are the same.
3.		Property, plant, and equipment includes buildings $1,044,870 less accumulated depreciation $364,870, equipment $454,870 less accumulated depreciation $184,870, land $504,870, and land held for future use $270,000.
4.		Intangible assets include a franchise $169,870, goodwill $104,870, and discount on bonds payable $30,260.
5.		Current liabilities include accounts payable $144,870, notes payable-short-term $84,870 and long-term $124,870, and income taxes payable $30,260.
6.		Long-term liabilities are composed solely of 7% bonds payable due 2025.
7.		Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 74,870 shares for $449,220, and common stock, $1.00 par value, authorized 400,000 shares, issued 104,870 shares at an average price of $10. In addition, the corporation has retained earnings of $276,950.

Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above.

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