P5.2B (L0 2) (Balance Sheet Preparation) Presented below are a number of balance sheet items for Roma, Inc., for the current year, 2020.

Goodwill $ 210,000

Accumulated depreciationequipment $ 467,000

Payroll taxes payable 65,300

Inventory 398,600

Bonds payable 500,000

Rent payable (short-term) 40,000

Discount on bonds payable 35,000

Income tax payable 110,800

Cash 61,000

Rent payable (long-term) 80,000

Land 351,000

Common stock, $1 par value 250,000

Notes receivable 160,500

Preferred stock, $25 par value 1,250,000

Notes payable (to banks) 264,900

Prepaid expenses 68,760

Accounts payable 347,000

Equipment 1,386,000

Retained earnings ?

Equity investments (trading) 375,000

Income taxes receivable 45,600

Accumulated depreciationbuildings 361,200

Unsecured notes payable (long-term) 1,300,000

Buildings 2,800,000

Instructions

Compile a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 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.