Attached is a balance sheet prepared by Black Corporation at December 31, 20X6. The following notes to the financial statements are also available. NOTE 1: NOTE 2: NOTE 3: BLACK CORPORATION NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDING DECEMBER 31, 20X6 Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $570,000. Depreciation has been recorded based on cost. Goodwill in the amount of $120,000 was recognized because the company believed that book value was not an accurate representation of the fair market value of the company. Notes payable are long term except for the current installment due of $60,000. REQUIRED: Using the attached forms, prepare a classified balance sheet, in proper form, making any corrections deemed necessary. Be sure to use appropriate terminology for the account names. The notes provided are for information purposes only.

\begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} BLACK CORPORATION \\ BALANCE SHEET \\ AT DECEMBER 31, 20X6 \\ \end{tabular} & & \\ \hline \multicolumn{3}{|l|}{ ASSETS } \\ \hline Goodwill (See Note 2) & s & 120,000 \\ \hline Building (See Note 1) & & 1.040,000 \\ \hline Inventories & & 312.100 \\ \hline Land & & 750,000 \\ \hline U.S. Treasury Notes, at cost and fair value & & 120,000 \\ \hline Cash on Hand & & 193.900 \\ \hline Accounts Receivable & & 170.000 \\ \hline \multicolumn{3}{|l|}{ Restricted Cash Allocated To Trustee For Plant Expansion: } \\ \hline Cash in Bank & & 70.000 \\ \hline Treasury Stock (50,000 shares, no par, at cost) & & 87,000 \\ \hline TOTAL ASSETS & 5 & 3.463,000 \\ \hline \multicolumn{3}{|l|}{ LIABILITIES AND STOCKHOLDERS' EQUITY } \\ \hline Notes Payable (See Note 3) & s & 600,000 \\ \hline Common Stock, authorized and issued, 1,000,000 shares, no par & & 1.150 .000 \\ \hline Retained Eamings & & 648.000 \\ \hline Appreciation Capital (See Note I) & & 570.000 \\ \hline Federal Income Taxes Payable & & 75,000 \\ \hline Reserve For Depreciation of Building & & 420,000 \\ \hline TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY & s & 3.463,000 \\ \hline \end{tabular} HL ICK CORPORATION BALANCE SHEET AT DECEMIIER 31, 206 Attached is a balance sheet prepared by Black Corporation at December 31,20X6. The follmwing notes to the financial statements are alo available. REQUIRED: Using the attached forms, prepare a classified balance sheet, in proper form, making any corrections deemed necessary. Be sure to use appropriate terminology for thi account names. The notes provided are for information purposes only