8. The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Debit Credit Cash $67,000 Investment in equity securities 132,000 Accounts Receivable 71,000 Inventory 211,000 Prepaid Insurance 9,000 Land 112,000 Buildings 431,000 Accumulated Depreciation-Buildings $111,000 Equipment 121,000 Accumulated Depreciation-Equipment 71,000 Patent (net) 21,000 Accounts Payable 97,000 Notes Payable 163,000 Interest Payable Bonds Payable 31,000 251,000 Common Stock 333,000 Retained Earnings 118,000 Totals $1,175000 $1,175,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $41,000 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 $36,000 that the company has not used and is currently listed for sale. 3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2027 and $34,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $41,000 note due in six months. b. a $61,000 note due in six years. c. a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2025. 5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. 6. The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. ALMWAY CORPORATION Balance Sheet At December 31, 2024 Current Assets: Cash Investment in Equity Securities Assets $7,000 91,000 Accounts Receivable $79,000 Allowance for Uncollectible Accounts (8,000) Net accounts receivable 71,000 Inventory 211,000 Prepaid Insurance 9,000 Total current assets 389,000 Investments: Investment ion Equity Securities 41,000 Land Held for Sale 36,000 Total investments 77,000 Property, Plant, and Equipment: Land 76,000 Buildings 431,000 Equipment 121,000 628,000 Net property, plant, and equipment Intangible Assets: Patent (net) Other Assets: 628,000 21,000 Total assets $1,115,000 Liabilities and Shareholders' Equity Current Liabilities: Accounts Payable $97,000 Notes Payable (current) 41,000 Interest Payable 31,000 Notes Payable (current maturities of long-term debt) 12,200 Total current liabilities Long-Term Liabilities: Notes Payable (Long-Term) 181,200 109,800 Bonds Payable 251,000 Total long-term liabilities 360,800 Total liabilities 542,000 Shareholders' Equity: Common Stock 333,000 Retained Earnings 118,000 Total shareholders' equity 451,000 Total liabilities and shareholders' equity $993,000