Chapter 05 Group work - STU.xlsx Problem 3 Page 4 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ $ $ $ $ $ $ $ $ 125,000 177,591 300,000 15,000 360,000 480,000 445,700 265,000 490,000 ? 97,630 1,600,000 Accumulated depreciation equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $ $ $ $ $ $ $ $ $ $ $ $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 $ $ Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. Chapter 05 Group work-STU.xlsx Problem 3 Page 5 MONTOYA, INC. Balance Sheet December 31, 2020 Assets Current assets Cash Debt investments (trading) Notes receivable Income taxes receivable Inventory Prepaid expenses Total current assets Property, plant and equipment Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Intangible assets Goodwill Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Notes payable (to banks) Payroll taxes payable Income taxes payable Rent payable Total current liabilities Long-term liabilities Notes payable (long-term) Bonds payable Less: Discount on bonds payable Rent payable long-term) Total liabilities Stockholders' equity Capital stock Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued Common stock, $1 par, 400,000 shares authorized, 200,000 issued Retained earnings Total stockholders' equity Total liabilities and stockholders' equity