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Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017. CULLUMBER CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets Investments Property, plant, and equipment Intangible assets s 488,020 Current liabilities 383,020 1,003,020 1,723,020 Stockholders' equity 1,773,020 $3,159,060 643,020 Long-term liabilities 305,000 $3,159,060 dy The following information is presented 1. The current assets section includes cash $153,020, accounts receivable $173,020 ess $13,020 for allowance for doubtful accounts, inventories $183,020, and unearned rent revenue $8,020. Inventory is stated on the lower-of-FIFO-cost-or-market. The investments section includes the cash 2. $83,020 and long-term $273,020; and bond sinking tnd $243,960. The cost and fair value of investments in common surrender value of a life insurance contract $43,020; investments in common stock, short-term same. 3. Property, plant, and equipment includes buildings $1,043,020 less accumulated depreciation $363,020 accumulated depreciation $183,020, land $503,020, and land held for future use $270,000. 4 Intangible assets include a franchise $168,020, goodwill $103,020, and discount on bonds payable $33,960 iabilities include accounts payable $143,020, notes payable-short-term $83,020 and long-term $123,020, and income taxes payable $33,960. Long-term liabilities are composed solely of 7% bonds payable due 2025. Stockholders' stock, $1.00 par value, authorized 400,000 shares, issued 103,020 shares at an average price of $10. In addition, the corporation has retained earnings of $304,700. 6- 7. equity has preferred stock, no par value, authorized 200,000 shares, issued 73,020 shares for $438,120, and commor Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land account name only and do not provide the descriptive information provided in the question.) Building and Equipment. Enter com/eduger/shared/assignment/test/aglist. uni?id-asnmt22 28883#NOOC6