FINANCIAL STATEMENT PRESENTATION OF OPERATING ASSETS. Olympic Acquisitions, Inc., prepared the following postclosing trial balance at December 31, 19x7:

REQUIRED:
Supply the missing words in the trial balance above, and prepare a classified balance sheet for Olympic Acquisitions at December 31, 19x7. Olympic reports the three categories of operating assets in separate subsections of assets. Intangibles and natural resources are reported net of the related contra asset accounts, whose balances are not reported on the balance sheet; however, separate contra account balances are reported for plant assets.

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DEBIT CREDIT Cash Accounts receivable Supplies inventory Land Buildings $ 6,400 15,000 26,000 42,000 155,000 Accumulated buildings $ 72,000 Equipment 279,000 Accumulated equipment 102,000 Franchise 62,000 Accumulated franchise 12,400 Goodwill 58,000 Accumulated goodwill 29,500 Timber tract 285,000 Accumulated timber tract 91,000 Gravel pit 32,000 Accumulated gravel pit 16,300 Accounts payable 4,100 Wages payable 7,000 Interest payable Income taxes payable Notes payable (due in 8 years) Capital stock Retained earnings Totals 7,300 12,000 190,000 300,000 116,800 $960,400 $960,400