Question

Your answer is partially correct. Try again.

Presented below is the balance sheet of Sargent Corporation forthe current year, 2014.

SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014
Current assets		$ 487,300		Current liabilities		$ 382,300
Investments		642,300		Long-term liabilities		1,002,300
Property, plant, and equipment		1,722,300		Stockholders’ equity		1,772,300
Intangible assets		305,000				$3,156,900
		$3,156,900

The following information is presented.

1.		The current assets section includes cash $152,300, accountsreceivable $172,300 less $12,300 for allowance for doubtfulaccounts, inventories $182,300, and unearned rent revenue $7,300.Inventory is stated on the lower-of-FIFO-cost-or-market.
2.		The investments section includes the cash surrender value of alife insurance contract $42,300; investments in common stock,short-term (trading) $82,300 and long-term (available-for-sale)$272,300; and bond sinking fund $245,400. The cost and fair valueof investments in common stock are the same.
3.		Property, plant, and equipment includes buildings $1,042,300less accumulated depreciation $362,300; equipment $452,300 lessaccumulated depreciation $182,300; land $502,300; and land held forfuture use $270,000.
4.		Intangible assets include a franchise $167,300; goodwill$102,300; and discount on bonds payable $35,400.
5.		Current liabilities include accounts payable $142,300; notespayable-short-term $82,300 and long-term $122,300; and income taxespayable $35,400.
6.		Long-term liabilities are composed solely of 8% bonds payabledue 2022.
7.		Stockholders’ equity has preferred stock, no par value,authorized 200,000 shares, issued 72,300 shares for $433,800; andcommon stock, $1.00 par value, authorized 400,000 shares, issued102,300 shares at an average price of $10. In addition, thecorporation has retained earnings of $315,500.

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. ListProperty, Plant and Equipment in order of Land, Building andEquipment. Enter account name only and do not provide thedescriptive information provided in thequestion.)