Balance Sheet Preparation

The December 31, 2016, balance sheet accounts of Hitt Company are shown here in alphabetical order:

Accounts Payable	$20,400		Equipment	$72,400
Accounts Receivable	21,000		Inventory	37,200
Accumulated Depreciation: Buildings	53,000		Land	30,000
Accumulated Depreciation: Equipment	35,100		Marketable Securities (short-term)	6,100
Additional Paid-in Capital on Common Stock	24,000		Patents (net)	9,600
Additional Paid-in Capital on Preferred Stock	11,500		Preferred Stock, $100 par	21,000
Allowance for Doubtful Accounts	800		Retained Earnings	53,160
Bonds Payable (due 2024)	77,000		Revenues	107,000
Buildings	144,000		Salaries Expense	39,000
Cash	8,660		Salaries Payable	2,000
Common Stock, $10 par	30,000		Trademarks	3,700
Current Taxes Payable	10,400		Unrealized Increase in Value of Marketable Securities	1,200
Discount on Bonds Payable	6,900

Required:

1. Prepare Hitt's December 31, 2016, balance sheet.