Presented below is the trial balance of Scott Butler Corporation at December 31, 2020.

Instructions

Prepare a balance sheet at December 31, 2020, for Scott Butler Corporation. (Ignore income taxes.)

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Debit Credit $ 197,000 Cash $ 8,100,000 Sales Revenue Debt Investments (trading) (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 299,000 Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses 277,000 90,000 455,000 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings Dividends Payable Accrued Liabilities 1,040,000 136,000 96,000 Accounts Receivable 435,000 Accumulated Depreciation–Buildings Allowance for Doubtful Accounts 152,000 25,000 Administrative Expenses Interest Expense Inventory Gain 900,000 211,000 597,000 80,000 900,000 Notes Payable (long-term) Debit Credit Equipment Bonds Payable Accumulated Depreciation-Equipment 600,000 1,000,000 60,000 Franchises 160,000 Common Stock ($5 par) Treasury Stock 1,000,000 191,000 195,000 Patents Retained Earnings Paid-in Capital in Excess of Par 78,000 80,000 Totals $12,315,000 $12,315,000