C U Facebook c Facebook on chegg Rent/Buy Textboois onchegg- Intermediate Accounting x Intermediate Accounting AA N PROBLEMS P24-1 (L02) (Subsequent Events) Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2017. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2012. The client provides you with the following information. ALMADEN CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Liabilities Current liabilities 962,400 Current assets $1,881,100 1,439,500 5,171,400 Long-term liabilities Other assets Capital 4,650,600 $7,052,500 $7.052,500 An analysis of current assets discloses the following. Cash (restricted in the amount of $300,000 for plant expansion) s 571,000 185,000 Investments in land Accounts receivable less allowance of $30,000 645,100 Inventories (LIFO flow assumption) 881,100