Below is account and item information related to Mega Milk Co., a business of dairy sales, at December 31, 20X1. Assume the company's operating cycle is one year. Make a classified balance sheet according to GAAP (using the appropriate format and terminology). To save time, prepare the balance sheet in a "condensed" format except for the current assets and stockholders' equity sections that need to be filled out completely.

Accounts payable $21,300

Trademarks $38,000

Inventory $60,300

Total proceeds for common stock $70,000 ($3 par value, 14,000 shares outstanding)

Ore deposit $22,400

Insurance expense $23,800

Cost of goods sold $55,000

Pension fund $32,300

Interest receivable $10,500

Accumulated other comprehensive income $10,700

Pension liability $28,900

Unearned sales revenue $33,400

Retained earnings $68,100 (ending balance)

Bonds payable $94,400 (long-term)

Debt investments $26,100 (held-to-maturity until March 20X2)

Accumulated depreciation $41,300

Premium on bonds payable (long-term) $3,600

Goodwill $82,400

Deferred income tax asset $8,700

Loss on sale of equity investments $4,200

Equipment $66,000

Land $21,100 (held for sale)

Dividends $7,500 (on common stock)

Cash $3,900

Answer rating: 100% (QA)

Accounts payable 21300 Trademarks 38000 Inventory 60300 Ore deposit 22400 Insurance expense 23800 Co... View the full answer