Presented below are a number of balance sheet items for Montoya, Inc., for the current year, $2020.$

Goodwill $$125,000$ Accumulated depreciation $-$ equipment $$292,000$

Payroll taxes payable $177,591$ Inventory $239,800$

Bonds payable $300,000$ Rent payable $($short$-$term$)45,000$

Discount on bonds payable $15,000$ Income taxes payable $98,362$

Cash $360,000$ Rent payable $($long$-$term$)480,000$

Land $480,000$ Common stock, $$1$ par value $200,000$

Notes receivable $445,700$ Preferred stock, $$10$ par value $150,000$

Notes payable $($to banks$)265,000$ Prepaid expenses $87,920$

Accounts payable $490,000$ Equipment $1,470,000$

Retained earnings $?$ Debt investments $($trading$)121,000$

Income taxes receivable $97,630$ Accumulated depreciation$$buildings $270,200$

Notes payable $($long$-$term$)1,600,000$ Buildings $1,640,000$

Instructions

Prepare a classified balance sheet in good form. Common stock authorized was $400,000$ shares, and preferred stock authorized was $20,000$ shares. Assume that notes receivable and notes payable are short$-$term, unless stated otherwise. Cost and fair value of debt investments $($trading$)$ are the same.

$50$ points maximum

MONTOYA, INC.

Balance Sheet

December $31,2020$

Assets

Current assets

Property, plant, and equipment

Intangible assets

Liabilities and Stockholders$$ Equity

Current liabilities

Long$-$term liabilities

Stockholders$$ equity