(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.

Debit

Credit

Cash

295,000

Sales Revenue

$12,150,000

Debt Investments (trading) (at cost, $218,000)

230,000

Cost of Goods Sold

7,200,000

Debt Investments (long-term)

448,000

Equity Investments (long-term)

416,000

Notes Payable (short-term)

135,000

Accounts Payable

682,000

Selling Expenses

3,000,000

Investment Revenue

95,000

Land

390,000

Buildings

1,560,000

Dividends Payable

204,000

Accrued Liabilities

144,000

Accounts Receivable

652,000

Accumulated Depreciation-Buildings

228,000

Allowance for Doubtful Accounts

38,000

Administrative Expenses

1,350,000

Interest Expense

317,000

Inventory

895,000

Gain

120,000

Notes Payable (long-term)

1,350,000

Equipment

900,000

Bonds Payable

1,500,000

Accumulated Depreciation-Equipment

90,000

Franchises

240,000

Common Stock ($5 par)

1,500,000

Treasury Stock

287,000

Patents

293,000

Retained Earnings

117,000

Paid-in Capital in Excess of Par

120,000

Totals

$18,473,000

$18,473,000

Instructions

Compute each of the following:

1.Total current assets

2.Total property, plant, and equipment

3.Total assets

4.Total liabilities

5.Total stockholders' equity