The adjusted trial balance of Eastwood Company and other related information for the year 2012 are presented on the next page.

Additional information:1. The LIFO method of inventory value is used.2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance.4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.5. Of the discount on bonds payable, $2,000 will be amortized in 2013.6. The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2013.7. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2023.8. 600,000 shares of common stock of a par value of $1 were authorized, of which 500,000 shares were issued and outstanding.InstructionsPrepare a balance sheet as of December 31, 2012, so that all important information is fullydisclosed.

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EASTWOOD COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2012 Debits Credits 24 41,000 Cash Accounts Receivable 163,500 Allowance for Doubtful Accounts 8,700 Prepaid Insurance Inventory Equity Investments (long-term) 5,900 208,500 339,000 85,000 124,000 36,000 400,000 Land Construction in Process (building) Patents Equipment Accumulated Depreciation-Equipment Discount on Bonds Payable Accounts Payable Accrued Expenses Notes Payable Bonds Payable Common Stock 240,000 20,000 148,000 49,200 94,000 200,000 500,000 45,000 138,000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,422,900 $1,422,900