Preparing a Current Asset Section along with Note Disclosures

The following selected normal balances are from the post$-$closing trial balance of WKO Inc. as of December $31.$

Additional information

Included in the cash balance is $$40,000$ of cash restricted for $18$ months due to a debt agreement.

Included in investments is $$44,800$ of short$-$term investments at fair value, and the remaining is long$-$term, also recognized at fair value.

$5\%$ of the accounts receivable balance of $$120,000$ is estimated to be uncollectible.

Inventory is valued at the lower of cost or market. The cost value is determined using the LIFO method.

a$.$ Prepare the current asset section of the classified balance sheet on December $31.$

Note: Do not use negative signs with any of your answers.

b$.$ Prepare a list of four notes, in reference to assets, to be included in the significant accounting policy note accompanying the financial statements on December $31.$