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Corrections to Balance Sheet Brandt Company presents the following December 31, 2019, balance sheet: Brandt Company Sheet of Balances for Year Ended December 31, 2019

Corrections to Balance Sheet

Brandt Company presents the following December 31, 2019, balance sheet:

Brandt Company Sheet of Balances for Year Ended December 31, 2019
Current assets $ 43,900 Current liabilities $ 66,600
Long-term investments 13,500 Long-term liabilities 24,100
Property, plant, and equipment 123,500 Contributed capital 17,000
Intangible assets 8,000 Unrealized capital 22,800
Other assets 13,600 Retained earnings 72,000
Total assets $202,500 Total equities $202,500

The following information is also available:

  1. Current assets include cash, $3,800; accounts receivable, $18,100; notes receivable (maturity date July 1, 2024), $10,000; and land, $12,000.
  2. Long-term investments include a $4,500 investment in available-for-sale securities that are expected to be sold in 2020 and a $9,000 investment in Dray Company bonds that are expected to be held until their December 31, 2022, maturity date.
  3. Property, plant, and equipment include buildings costing $63,400, inventory costing $30,500, and equipment costing $29,600.
  4. Intangible assets include patents that cost $8,500 (and on which $2,300 amortization has accumulated) and treasury stock that cost $1,800.
  5. Other assets include prepaid insurance (which expires on November 30, 2020), $2,900; sinking fund for bond retirement, $7,000; and trademarks that cost $3,700 and are not impaired.
  6. Current liabilities include accounts payable, $19,400; bonds payable (maturity date December 31, 2024), $40,000; and accrued income taxes payable, $7,200.
  7. Long-term liabilities include accrued wages, $4,100; and mortgage payable (which is due in five equal annual payments starting December 31, 2020), $20,000.
  8. Contributed capital includes common stock ($5 par), $11,000; and preferred stock ($100 par), $6,000.
  9. Unrealized capital includes premium on bonds payable, $4,300; additional paid-in capital on preferred stock, $2,400; additional paid-in capital on common stock, $14,700; and accumulated other comprehensive income, $1,400.
  10. Retained earnings includes unrestricted retained earnings, $37,300; allowance for doubtful accounts, $700; and accumulated depreciation on buildings and equipment of $21,000 and $13,000, respectively.

Required:

Based on the preceding information, prepare a properly classified December 31, 2019, balance sheet for Brandt.

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image text in transcribed
Balance Sheet December 31, 2019 Assets Current Assets Total current assets Long-Term Investments Total long-term investments Property, Plant, and Equipment Total property, plant, and equipment Intangible Assets Total intangible assets Total Assets Liabilities Current Liabilities Total current liabilities Long-Term Liabilities Total long-term liabilities Total Liabilities Total long-term investments Property, Plant, and Equipment Total property, plant, and equipment Intangible Assets Total intangible assets Total Assets Labilities Current Liabilities Total current liabilities Long-Term Liabilities Total long-term liabilities Total Liabilities Shareholders' Equity Contributed Capital Total contributed capital Total contributed capital, retained earnings, and accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders' Equity

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