3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable. Interest payable Bonds Payable Common stock Retained earnings Totals Additional information: Debita Credits $ 49,000 114,000 62,000 202,000 5,000 94,000 422,000 $ 102,000 112,000 62,000 12,000 79,000 136,000 22,000 242,000 306,000 123,000 $1,072,000 $1,072,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $32,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2024 and $25,000 restricted in a three- month Treasury bill. 4. The notes payable account consists of the following: a. a $32,000 note due in six months. b. a $52,000 note due in six years. c. a $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2022. 5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000. 6. The common stock account represents 102,000 shares of no par value common stock issued and outstanding. The corporation has 300,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Net accounts receivable Total current assets. Investments Total investments Property, plant, and equipment ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets 0 0 0 Net property, plant, and equipment Intangible assets: 0 Total assets $ Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 0 $ 0 0