Assignment Instructions: Below are account balances for Sportswear, Inc. The bookkeeper struggled with proper valuation of the accounts. Table 1 includes accounts for which the bookkeeper has provided two valuation options. Table 2 includes accounts with a known and proper valuation. Your assignment is to prepare a classified balance sheet, in proper form, using the appropriate valuations for each account. You must type your work (you can either use Excel or Word, but I recommend using Excel).

Accounts with uncertain valuation	Valuation: option 1	Valuation: option 2
Land	Cost of $5,500	FMV of $7,000
Notes payable (short-term)	Net realizable value: $4,500	Face value: $5,000
Inventory	Cost of $35,000	Market: $31,000
Buildings	Cost: $180,000	Appraisal value: $190,000
10 year bond payable	FMV: $380,000	Face value: $350,000
Supplies	Resale value: $4,000	Cost: $3,800
Trading securities	Amortized cost: $8,500	FMV: $10,000
Advances from customers	FMV: $2,000	Amount not earned: $1,500
Accounts receivable	Amount owed from customer: $45,000	FMV: $43,000
Common stock	Total par value: $100,000	Total issue price: $119,000
Held to maturity bond investments	Amortized cost: $36,000	FMV: $40,00

Accounts with known valuation
Cash	2,100
Goodwill	105,000
Retained earnings, end of year	220,000
Petty cash	100
Equipment	201,000
Accumulated depreciation-building	30,000
Accumulated depreciation- equipment	26,000
Trade name	200,000
Long-term- notes payable	20,000
Accounts payable	35,900
Wages payable	8,500
Taxes payable	6,100
Interest payable	2,900
Warranty liability	1,100
Allowance for doubtful accounts	4,500
Prepaid insurance	1,500
PIC in excess of par- common stock	19,000
Treasury stock	50,000
Land improvements	6,500
Other assets	3,000
Premium on bonds payable	50,000