Balance Sheet - The December 31, 2007 balance sheet accounts of the Hitt Company are shown here in alphabetical order:

Accounts payable	$22,400	Current taxes payable	$10,400
Accounts receivable	21,500	Discount on bonds payable	6,900
Accumulated depreciation: buildings	53,000	Equipment	72,400
Accumulated depreciation: equipment	35,100	Inventory	37,200
Additional paid-in capital on	Land	30,000
common stock	24,000	Marketable securities (short-term)	6,100
Additional paid-in capital on	Patents (net)	9,800
preferred stock	11,500	Preferred stock, $100 par	21,000
Allowance for doubtful accounts	800	Retained earnings	46,200
Bonds payable (due 2021)	77,000	Salaries payable	2,000
Buildings	144,000	Trademarks	3,700
Cash	2,900	Unrealized increase in value of
Common stock, $10 par	30,000	marketable securities	1,100

Required

1. Prepare the December 31, 2007 balance sheet of the Hitt Company.

2. Compute the working capital and the current ratio.

3. Discuss how the format of Hitt's balance sheet would be different from requirement 1 if the company used IFRS