Problem 5-4 - There is no more information for this problem other than what is provided.

Presented below is the balance sheet of Waterway Corporation as of December 31, 2017.

WATERWAY CORPORATION BALANCE SHEET DECEMBER 31, 2017
Assets
Goodwill (Note 2)		$ 125,610
Buildings (Note 1)		1,640,000
Inventory		317,710
Land		950,000
Accounts receivable		175,610
Treasury stock (50,000 shares)		92,610
Cash on hand		181,510
Assets allocated to trustee for plant expansion
Cash in bank		75,610
Debt investments (held-to-maturity)		143,610
		$3,702,270
Equities
Notes payable (Note 3)		$ 605,610
Common stock, authorized and issued, 1,000,000 shares, no par		1,155,610
Retained earnings		808,610
Noncontrolling interest		60,610
Appreciation capital (Note 1)		575,610
Income tax payable		80,610
Reserve for depreciation recorded to date on the building		415,610
		$3,702,270

Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $575,610. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,610 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,610 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity.)