Balance Sheet Preparation The December 31, 2019, balance sheet accounts of Hitt Company are shown here in alphabetical order: Accounts Payable $19,200 Discount on Bonds Payable $6,900 Accounts Receivable 21,000 Equipment 72,400 Accumulated Depreciation: Buildings 53,000 Inventory 37,200 Accumulated Depreciation: Equipment 35,100 Land 30,000 Accumulated Other Comprehensive Income Additional Paid-in Capital on Common Stock 24,000 Additional Paid-in Capital on Preferred Stock 11,500 1,100 Marketable Securities (short-term) 6,100 Patents (net) 9,700 Preferred Stock, $100 par 21,000 Allowance for Doubtful Accounts 800 Retained Earnings 51,920 Bonds Payable (due 2027) 77,000 Revenues 107,000 Buildings 144,000 Salaries Expense 39,000 Cash 6,020 Salaries Payable 2,000 Common Stock, $10 par 30,000 Trademarks 3,700 Current Taxes Payable 10,400 Required: 1. Prepare Hitt's December 31, 2019, balance sheet. HITT COMPANY Balance Sheet December 31, 2019 Current Assets: Cash December 31, 2019 Assets Marketable securities (short-term) Accounts receivable Less: Allowance for doubtful accounts Inventory Total current assets Property, Plant, and Equipment: Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total property, plant, and equipment Intangible Assets: Patents (net) Trademarks Total intangible assets $ Total intangible assets Total assets Liabilities Current Liabilities: Accounts payable Current taxes payable Salaries payable Total current liabilities Long-Term Liabilities: Bonds payable (due 2027) Less: Discount on bonds payable Total long-term liabilities Total liabilities Shareholders' Equity Contributed Capital: Preferred stock, $100 par Common stock, $10 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Total contributed capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2. Compute the working capital. $ Compute the current ratio. Round to two decimal places. : 1 $