Your answer is partially correct. Try again. Presented below is the balance sheet of Sargent Corporation for the current year, 2017 SUNLAND CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,840 Current liabilities Investments 643,840 Long-term liabilities Property, plant, and equipment 1,723,840 Stockholders' equity Intangible assets 305,000 $3,161,520 $ 383,840 1,003,840 1,773,840 $3,161,520 The following information is presented. 1. 2. 3. The current assets section includes cash $153,840, accounts receivable 5173,840 less $13,840 for allowance for doubtful accounts, inventories $183,840, and unearned rent revenue $8,840. Inventory is stated on the lower-of-FIFO-cost- or-market. The investments section includes the cash surrender value of a life insurance contract $43,840; investments in common stock, short-term $83,840 and long-term $273,840; and bond sinking fund $242,320. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes buildings $1,043,840 less accumulated depreciation $363,840, equipment $453,840 less accumulated depreciation $183,840, land $503,840, and land held for future use $270,000. Intangible assets include a franchise $168,840, goodwill $103,840, and discount on bonds payable $32,320. Current liabilities include accounts payable $143,840, notes payable-short-term $83,840 and long-term $123,840, and income taxes payable $32,320. Long-term liabilities are composed solely of 7% bonds payable due 2025. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 73,840 shares for $443,040, and common stock, $1.00 par value, authorized 400,000 shares, issued 103,840 shares at an average price of $10. In addition, the corporation has retained earnings of $292,400. 5. 6. 7. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) SUNLAND CORPORATION Balance Sheet December 31, 2017 Assets Current Assets Cash 153840 T Inventory 183840 Accounts Receivable 1 Less 13840 13340 150000 Allowance for Doubtful Accounts II Equity Investments 83840 | Total Current Assets 233840 Long-term Investments Equity Investments 273840 | 242320 Bond Sinking Fund Fund Cash Surrender Value of Life Insurance I 43840 Land 503840 1297680 Property, Plant and Equipment Land Held for Future Use 270000 Buildings 1043840 Less . 363840 1 680000 Accumulated Depreciation-Building Equipment 453840 i Less T 2517680 Accumulated Depreciation-Equipment Intangible Assets | Goodwill 1 103840 168840 1 Franchises 1 272680 | Total Assets 2790360 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 443040 Notes Payable 83,840 Income Tax Payable so Unearned Rent Revenue Total Current Liabilities 568040 Long-term Liabilities Notes Payable Bonds Payable Less Discount on Bonds payable 320 Total Liabilities Stockholders' Equity Capital Stock Preferred Stock T 443,040 103840 I Common Stock Pald-In Capital in Excess of Par - Common Stock 934560 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity