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Presented below is the balance sheet of Sargent Corporation for the current year, 2017.

BLOSSOM CORPORATION BALANCE SHEET DECEMBER 31, 2017
Current assets		$ 487,550		Current liabilities		$ 382,550
Investments		642,550		Long-term liabilities		1,002,550
Property, plant, and equipment		1,722,550		Stockholders equity		1,772,550
Intangible assets		305,000				$3,157,650
		$3,157,650

The following information is presented.

1.		The current assets section includes cash $152,550, accounts receivable $172,550 less $12,550 for allowance for doubtful accounts, inventories $182,550, and unearned rent revenue $7,550. Inventory is stated on the lower-of-FIFO-cost-or-market.
2.		The investments section includes the cash surrender value of a life insurance contract $42,550; investments in common stock, short-term $82,550 and long-term $272,550; and bond sinking fund $244,900. The cost and fair value of investments in common stock are the same.
3.		Property, plant, and equipment includes buildings $1,042,550 less accumulated depreciation $362,550, equipment $452,550 less accumulated depreciation $182,550, land $502,550, and land held for future use $270,000.
4.		Intangible assets include a franchise $167,550, goodwill $102,550, and discount on bonds payable $34,900.
5.		Current liabilities include accounts payable $142,550, notes payable-short-term $82,550 and long-term $122,550, and income taxes payable $34,900.
6.		Long-term liabilities are composed solely of 7% bonds payable due 2025.
7.		Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 72,550 shares for $435,300, and common stock, $1.00 par value, authorized 400,000 shares, issued 102,550 shares at an average price of $10. In addition, the corporation has retained earnings of $311,750.

BLOSSOM CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity