15 PROBLEM THREE (25 pts.) assume that Eugene Motor Corp. uses the following headings on its financial statement : A. Current Assets B. Investments C. Property. Plant and Equipment D. Intangible Assets E. Current Liabilities F. Long-term Liabilities G. Capital Stock H. Paid-in Capital in Excess of Par I. Retained Earnings J. In a Footnote only K. Income Statement Indicate by letter how each of the following Account Titles should be best classified for financial statement analysis purposes. If the account balance is normally opposite that of a typical account in that classification (1.e. a contra account), indicate this by placing the letter in parenthesis. Account Title Answer 1. Investment in patents 2. Merchandise inventory 3. Taxes payable 4. Work in process 5. Sale of additional common stock 15 days after balance sheet date 6. Accumulated depreciation 7. Treasury Stock repurchased 1 day after balance sheet date 8. Insurance expense 9. Warehouse in construction stage, for use by Eugene Motor Corp. 10. Cash dividends payable 11. Bank overdraft 12. Cash surrender value of life insurance policy 13. Land 14. Marketable securities Problem Three - Continued 15. Goodwill 16. Depreciation expense 17. Investment in k Company bonds 18. Bonds payable 19. Equipment 20. Copyright 21. Capitalized lease assets 22. Notes payable bank 23. Accounts payable 24. Petty cash ||| 25. Operating rights