O ne Community College Problem 5-2 Presented below are a number of balance sheet items for Sage, Inc., for the current year, 2017 $ 292,320 242,670 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) $ 127,870 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Accumulated Depreciation Equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Equity investments (trading) Accumulated Depreciation-Buildings Buildings 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 Prepare a cated balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized wa 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity Investments (trading) are the same. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Building and Equipment.) SAGE, INC. Balance Sheet