Current Attempt in Progress Presented below is the balance sheet of Bridgeport Corporation as of December 31, 2017 BRIDGEPORT CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) $ 203,200 2,260,000 Buildings (Note 1) Inventory 219,700 687,000 Land 299,200 71,700 Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank 137,800 53,200 Equity investments (trading) 139.200 $4,071,000 Equities Notes payable (Note 3) $ 803,200 653,200 71,200 Common stock, authorized and issued, 100,000 shares, no par Non-controlling interest Retained earnings Appreciation capital (Note 1) Income tax payable Reserve for depreciation recorded to date on the building 1,279,800 428,200 122,200 713,200 $4,071,000 Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $428,200, Depreciation has been recorded based on cost Note 2: Goodwill in the amount of $203,200 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $203,200 was credited to Retained Earnings, Note 3: Notes payable are long-term except for the current installment due of $125,000 Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity) BRIDGEPORT CORPORATION Balance Sheet Assets Assets Allocated to Trustee for Expansion $ Liabilities and Stockholders' Equity 2