BALANCE SHEET PREPARATION [35 points] Presented below are a number of balance sheet items for Planners Inc., for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 125,000 Accumulated depreciation equipment $ 292,000 177,591 Inventory 239,800 300,000 Rent payable (short-term) 45,000 15,000 Income taxes payable 98,362 360,000 Rent payable (long-term) 480,000 480,000 Common stock, $1 par value 200,000 445,700 Preferred stock, $10 par value 150,000 265,000 Prepaid expenses 87,920 490,000 Equipment 1,470,000 121,000 270,200 1,640,000 ? Debt investments (trading) I 97,630 Accumulated depreciation-buildings 1,600,000 Buildings Required: Prepare a classified balance sheet in good form for Planners Company on December 31, 2021. 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. Land being used to house current operations has a cost of $280,000 and the rest of the land is held for speculation. Of the cash listed, $160,000 is held as a bond sinking fund.

BALANCE SHEET PREPARATION [35 points] Presented below are a number of balance sheet items for Planners Inc., for the current year, 2021. Required: Prepare a classified balance sheet in good form for Planners Company on December 31, 2021. 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. Land being used to house current operations has a cost of $280,000 and the rest of the land is held for speculation. Of the cash listed, $160,000 is held as a bond sinking fund. BALANCE SHEET PREPARATION [35 points] Presented below are a number of balance sheet items for Planners Inc., for the current year, 2021. Required: Prepare a classified balance sheet in good form for Planners Company on December 31, 2021. 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. Land being used to house current operations has a cost of $280,000 and the rest of the land is held for speculation. Of the cash listed, $160,000 is held as a bond sinking fund