prepare current assets in balance sheet

E5-7 (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2004. Finished Goods Revenue Received in Advance Bank Overdraft Equipment Work-in-Process Cash Short-term Investments in Stock Customer Advances Cash Restricted for Plant Expansion $ 52,000 90,000 8,000 253,000 34,000 37,000 31,000 36,000 50,000 Cost of Goods Sold Notes Receivable Accounts Receivable Raw Materials Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,100,000 40,000 161,000 207.000 60,000 12,000 18,000 88,000 22,000 The following additional information is available. 1. Inventories are valued at lower of cost or market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600. 3. The short-term investments have a fair value of $29,000. (Assume they are trading securities.) 4. The notes receivable are due April 30, 2006, with interest receivable every April 30. The notes bear interest at 12%. (Hint: Accrue interest due on December 31, 2004.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $14,000. 7. Treasury stock is recorded at cost. Instructions Prepare the current assets section of Yasunari Kawabata Company's December 31, 2004, balance sheet, with appropriate disclosures