INTERMEDIATE ACCOUNTING CHAPTER 3 PROBLEM NUMBER 7 The following is a December 31, 2018, post-closing trial balance for the Almway Corporation. Account Title Debits Credits Cash $53,000 Investments $118,000 Accounts Receivable $64,000 Inventories $204,000 Prepaid Insurance (For the Next 9 Months) $8,000 Land $98,000 Buildings $424,000 Accumulated Depreciation-Buildings $104,00 Equipment $114,000 Accumulated Depreciation-Equipment $64,000 Patents (Net of Amortization) $14,000 Accounts Payable $83,000 Notes Payable $142,000 Interest Payable $24,000 Bonds Payable $244,000 Common Stock $312,000 Retained Earnings $124,000 Totals $1,097,000 $1,097,00 0 ADDITIONAL INFORMATION: 1. The investment account includes an investment in common stock of another corporation of $34,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost for $29,000 that is currently listed for sale. 3. The cash account includes $19,000 restricted in a fund to pay bonds payable that mature in 2021 and $27,000 set aside in a three- month Treasury bill. 4. The notes payable account consists of the following: 4. A. a $34,000 note due in six months. 4. B. a $54,000 note due in six years. 4. C. a $54,000 note due in five annual installments of $10,800 each, with the next installment due February 15, 2019. 5. The $64,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. 6. The common stock accounts represents 104,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized