Corporation provided the following balance sheet for December 31 of the current year.

Carson Corporation

Balance Sheet

At December 31

Assets

Current Assets:

Cash $600,000

Investments at Fair Value 685,000

Accounts Receivable 235,000

Merchandise Inventory 910,000

Total Current Assets $2,430,000

Noncurrent Assets:

Investments in Affiliate Companies $90,000

Property, Plant, and Equipment net 3,350,000

Equipment Under Capital Lease 370,000

Intangible Assets net 330,500

Total Noncurrent Assets $4,140,500

Total Assets $6,570,500

Liabilities

Current Liabilities:

Accounts Payable $505,000

Current Portion of LongTerm Debt 340,000

Dividends Payable 8,000

Income Taxes Payable 170,000

Total Current Liabilities $1,023,000

Noncurrent Liabilities:

Bonds Payable, Due in 20 Years $800,000

Notes Payable, Due in 10 Years 735,000

Obligations Under Capital Leases 290,000

Deferred Tax Liability 290,000

Obligations Under Pension Plans 606,000

Total Noncurrent Liabilities $2,721,000

Total Liabilities $3,744,000

Stockholders' Equity

Common stock, $1 Par Value $620,000

Additional Paidin Capital 920,000

Retained Earnings 1,516,500

Accumulated Other Comprehensive Loss (230,000)

Total Stockholders' Equity $2,826,500

Total Liabilities and Stockholders' Equity $6,570,500

Requirement

Restructure the balance sheet for December 31 of the current year using the report format with the following change in assumptions:

1.	The investments at fair value are held in a noncurrent asset fund created for the purpose of liquidating long-term debt.
2.	The firm will use the earnings on fund investments to pay the current portion of long-term debt each year.