Exercise 10.5

Using the account information below, prepare a Balance Sheet for Endo Corporation as of 12/31/08.

Account	Balance	Account	Balance
Building	$650,000	Bonds Payable, due 12/31/2010	$300,000
Sales	$320,000	Cost of goods sold	$225,000
Discount on Bonds Payable	$50,000	Accounts Payable	$160,000
Notes Payable, due 6/30/2011	$500,000	Interest payable	$65,000
Salaries expenses	$55,000	Rent expense	$20,000
Accounts Receivable	$250,000	Retained earnings (after closing)	$955,000
Accum Depn, building	$50,000	Land	$600,000
Depreciation expense	$1,800	Insurance expense	$1,200
Prepaid insurance	$75,000	Cash	$320,000
Common stock	$360,000	Inventory	$445,000
Interest expense	$1,200	Advertising expense	$6,000

Additional information:

• $100,000 of the Notes payable is due within the next 12 months