(Balance Sheet Adjustment and Preparation) The adjusted trial balance of Black and Blue Company and other related information for the year 2020 are presented below:

ADJUSTED TRIAL BALANCE DECEMBER 31, 2020

	Debits		Credits
Cash	$ 26,500
Accounts Receivable	270,600
Allowance for Doubtful Accounts			$ 17,700
Prepaid Insurance	6,200
Inventory	241,300
Equity Investments (long-term)	131,000
Land	65,000
Construction in Process (building)	285,000
Patents	76,000
Equipment	325,000
Accumulated DepreciationEquipment			160,000
Discount on Bonds Payable	33,000
Accounts Payable			187,000
Accrued Expenses			61,200
Notes Payable			130,000
Bonds Payable			300,000
Common Stock			250,000
Paid-in Capital in Excess of ParCommon Stock			186,000
Retained Earnings			167,700
	$1,459,600		$1,459,600

Additional information:

1. The FIFO method of inventory value is used.
2. The cost and fair value of the long-term equity investments is the same.
3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $65,000, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $100,000 and are being amortized on a straight-line basis.
5. Of the discount on bonds payable, $3,000 will be amortized in 2021.
6. The notes payable represent bank loans that are secured by long-term equity investments carried at $131,000. These bank loans are due in 2021.
7. The bonds payable bear interest at 6% payable every December 31, and are due January 1, 2031.
8. 500,000 shares of common stock of a par value of $1 were authorized, of which 250,000 shares were issued and outstanding.

Instructions

Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed.