Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.

Instructions

Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.

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Accumulated depreciation-equipment $ 125,000 177,591 300,000 $ 292,000 239,800 45,000 98,362 480,000 200,000 Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value 15,000 Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) 360,000 445,700 265,000 490,000 150,000 87,920 Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings 1,470,000 121,000 270,200 1,640,000 97,630 Buildings 1,600,000