Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Investment in Saul Corporation Total Assets PENNY MANUFACTURING CORPORATION Balance Sheet January 1, 20x1 $ 239,500 Accounts Payable $ 132,750 78,000 Bonds Payable 394,000 111,000 Common Stock 183,000 606,000 Additional Paid-In Capital 33,000 (143,000) Retained Earnings 394,000 245,250 $1,136,750 Total Liabilities & Equities $1,136,750 SAUL CORPORATION Balance Sheet January 1, 20x1 Cash $ 62,000 Accounts Payable $119,000 Accounts Receivable 118,000 Bonds Payable 294,000 Inventory 191,000 Buildings & Equipment 606,000 Less: Accumulated Depreciation (237,000) Common Stock ($10 par) Additional Paid-In Capital Retained Earnings 100,000 33,000 194,000 Total Assets $ 740,000 Total Liabilities & Equities $740,000