12) The Smith company reports the following items on its balance sheet: Cash $400; Net tangible assets (15pts)

$,1.250; Accounts payable $375; Patents and Copy

hts (net of amortization) $1,000; Deferred

Taxes $200; Accounts receivable $550; Notes payable $325; Common Stock $800; Retained Earnings

$1,110; Inventory $750.

Build a balance sheet. Find the amount of the company's long-term debt assuming that the above

information provides all other items on the balance sheet.