ACCOUNTING 2101/6101-TESTING YOUR KNOWLEDGE CHAPTER The Columbus Corporation began operations on January 1, 20xi. A preliminary draft of a Page 1 balance sheet for the Columbus Corporation as of December 31, 20x5 is presented below. Columbus Corporation Balance Sheet (draft) December 31, 20x5 (Accounts with debit balances) Accounts receivable Bond Retirement Fund Buildings Cash Equipment Land Merchandise Inventory Office supplies Prepaid Insurance Treasury Stock $ 112,000 221,760 1,712,000 179,970 1,120,000 1,211,000 305,858 1,155 10,304 87,400 S 4,961,447 Total (Accounts with credit balances) $ 350,000 Accounts payable Accumulated depreciation - buildings Accumulated depreciation - equipment Bonds payable (due October 1, 20x1) Capital - appreciated value of land Capital stock Dividends payable Income taxes payable Notes payable (short-term) Notes payable (long-term) Retalned earnings 700,000 200,000 1,288,000 19,100 108,500 117,600 420,000 Total (Note: See next page for additional information.)