Problem 5-5 Presented below is the balance sheet of SargentCorporation for the current year, 2017. MARIGOLD CORPORATIONBALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,150 Currentliabilities $ 383,150 Investments 643,150 Long-term liabilities1,003,150 Property, plant, and equipment 1,723,150 Stockholders’equity 1,773,150 Intangible assets 305,000 $3,159,450 $3,159,450The following information is presented. 1. The current assetssection includes cash $153,150, accounts receivable $173,150 less$13,150 for allowance for doubtful accounts, inventories $183,150,and unearned rent revenue $8,150. Inventory is stated on thelower-of-FIFO-cost-or-market. 2. The investments section includesthe cash surrender value of a life insurance contract $43,150;investments in common stock, short-term $83,150 and long-term$273,150; and bond sinking fund $243,700. The cost and fair valueof investments in common stock are the same. 3. Property, plant,and equipment includes buildings $1,043,150 less accumulateddepreciation $363,150, equipment $453,150 less accumulateddepreciation $183,150, land $503,150, and land held for future use$270,000. 4. Intangible assets include a franchise $168,150,goodwill $103,150, and discount on bonds payable $33,700. 5.Current liabilities include accounts payable $143,150, notespayable-short-term $83,150 and long-term $123,150, and income taxespayable $33,700. 6. Long-term liabilities are composed solely of 7%bonds payable due 2025. 7. Stockholders’ equity has preferredstock, no par value, authorized 200,000 shares, issued 73,150shares for $438,900, and common stock, $1.00 par value, authorized400,000 shares, issued 103,150 shares at an average price of $10.In addition, the corporation has retained earnings of $302,750.Prepare a balance sheet in good form, adjusting the amounts in eachbalance sheet classification as affected by the information givenabove. (List Current Assets in order of liquidity. List Property,Plant and Equipment in order of Land, Building and Equipment. Enteraccount name only and do not provide the descriptive informationprovided in the question.) MARIGOLD CORPORATION Balance SheetAssets $ $ : $ : : $ Liabilities and Stockholders' Equity $ $ $ :$