The Scott Company shows the following alphabetical list of account balances as of December 31, 2006.

a. Construct a balance sheet for Scott Company as of December 31, 2006.

b. Demonstrate that the fundamental accounting equation holds by stating the dollar values of the terms in the equation.

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Account Balance Account Balance Accounts payable $50,000 Finished goods $30,000 Accounts receivable $80,000 Land value $115,000 Accrued taxes $20,000 Long-term mortgages $390,000 Buildings (net value) $205,000 Notes payable $60,000 Cash $40,000 Raw material inventory $40,000 Dividends payable $20,000 Stockholder's equity $150,000 Equipment (net value) $180,000