Problem A-Il-Balance Sheet Form List the corrections needed to present in good form the balance sheet below. Errors include misclassifications, lack of adequate disclosure, and poor terminology. Do not concern yourself with the arithmetic. If an item can be classified in more than one category, select the category most favored by the authors of your textbook. Tanner Corporation Balance Sheet For the year ended December 31, 2014 Assets $ 18,000 27.000 75,000 60,000 3,000 60.000 Current Assets Cash Equity investments-trading (fair value, $32,000) Accounts receivable Inventory Supplies inventory Investment in subsidiary company Investments Treasury stock Tangible Fibed Assets Buildings and land Less: Reserve for depreciation Deferred Charges Discount on bonds payable Other Assets Cash surrender value of life insurance $243,000 78,000 213,000 __60,000 153,000 3,000 54.000 $531.000 Liabilities and Capital Current Liabilities: Accounts payable Reserve for income taxes Customer's accounts with credit balances $ 45,000 42,000 $ 87,003 Long-Term Liabilities: Bonds payable Total Liabilities 120,000 207,003 Capital Stock: Capital stock Earned surplus Cash dividends declared 225,000 74.997 24,000 323.997 $531.000