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5-2 Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes

5-2
Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017.
Goodwill $128,780 Accumulated Depreciation-Equipment $292,310
Payroll Taxes Payable 181,371 Inventory 243,580
Bonds payable 303,780 Rent payable (short-term) 48,780
Discount on bonds payable 15,310 Income taxes payable 102,142
Cash 363,780 Rent payable (long-term) 483,780
Land 483,780 Common stock, $1 par value 203,780
Notes receivable 449,480 Preferred stock, $10 par value 153,780
Notes payable (to banks) 268,780 Prepaid expenses 91,700
Accounts payable 493,780 Equipment 1,473,780
Retained earnings ? Equity investments (trading) 124,780
Income taxes receivable 101,410 Accumulated Depreciation-Buildings 270,510
Notes payable (long-term) 1,603,780 Buildings

1,643,780

Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, and preferred stock authorized was20,000shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

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