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Balance Sheet and Notes Listed here in random order ere Wicks Construction Limited's balance sheet accounts and related ending balances as of December 31,

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Balance Sheet and Notes Listed here in random order ere Wicks Construction Limited's balance sheet accounts and related ending balances as of December 31, 2019 Income Taxes Payable Cash Surrender Value of Life Insurance $24,700 8,900 Short-Term Investments $19,100 Bonds Payable 80,000 Preferred Stock 40,000 Additional Paid-in Capital on Commo Stack 30,300 Premium on Bonds Payable 4,000 Inventories 98,500 Cash 11,600 Accounts Receivable 32,300 Property, Plant, and Equipment (net) 229,300 Patents (net) 18,200 Accounts Payable 58,000 Investment in Bonds 25,000 Additional Paid-in Capital on Preferred Common Stock 62,000 23,400 Stock Retained Earings 123,400 Miscellaneous Current Payables Land Held for Building Ste 19,500 1,500 Estimated Liability for Product Warranties 6,200 7,300 Allowance for Deuteful Accounts Additional information 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plast, and equipment, with the related details for each account disclosed in notes 2. The straight-line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equiement shows the following land at a cost of $32,000, buildings at a cost of $182,400 and a net book value of $120,200, machinery at a cost of $63,900, and related accumulated depreciation of $18,600, and equipment (40% depreciated) at a cost of $53,000. 3. Patents are amortized on a straight-line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw materials, $22,200; work in process, $34,700; and finished goods, $41,600. 5. Common stock has a $10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued 6. Preferred stock has a $100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells Required: 1. Prepare Wicks Construction's December 31, 2019, balance sheet WICKS CONSTRUCTION LIMITED Assets Current Assets Balance Sheet December 31, 2019

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