PROBLEM CCC: HIGHTOWER CORPORATION (40 points) Presented below is the trial balance of Hightower Corporation at December 31, 2020. Credit Debit 295.000 $10,000,000 230,000 5,050,000 448,000 416,000 135,000 682,000 2,856,000 95,000 390,000 1,560,000 204,000 652,000 228,000 38,000 Cash Sales Revenue Debt Investments (trading) (at cost, $218,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accounts Receivable Accumulated Depreciation Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain on Sale of Equipment Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation Equipment Franchises Common Stock (35 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals 1,350,000 317,000 895,000 120,000 1,350,000 900,000 1,500,000 90,000 240,000 1,500,000 287,000 293,000 117.000 120.000 $16,179,000 $16,179,000 Instructions Prepare the following sections of the classified balance sheet: a. Current assets (include appropriate financial statement header) b. Long-term debt c. Stockholder's equity (assume net income for the year is $650,000) Bonus: Calculate net income for the year. (Must show work to get credit.) Spring 2020 Page 4 of 6