Corrections to Balance Sheet The Brandt Company presents the following December 31, 2016 balance sheet: Brandt Company Sheet of Batances for Year Ended December 31, 2016 Current assets $44,300 Current liabilities $66.600 Long term investments 13,600 Long-term liabilis 24,100 Property, plant, and equipment 123.500 Contributed capital 17,000 Intangible assets 7,700 Unrealized capital 22.500 Other assets 13,000 Rated earnings 72,500 Total assets $202,700 Total equities $202.700 The following information is also wallable: 1. Current assets include a $2.000; accounts receivati, 510.500; notes receivable (maturity date July 1, 2021 510,000, and land, 112.000 2. Long term investments include a $4,000 investment in available for sale securities that are expected to be sold in 2017 and 19,000 investment in Dry Company bonds that are expected to be held their December 31, 2019, maturity date. 3. Property, plant, and equipment inchide buldings couting 563,400, inventory costing 530,500, and equipment Coin 529.000 4. Intangible assets indude patents that cost $0,200 (and or which 12.00 amortization has accumulated and treasury stock that cost $1,800 5. Other Indude prepaid Insurance (which expres on November 10, 2017), 52,000 inking fund for bond retirement 17,000 and trademarks that cost $3,700 and are not impaired 5. Current liabilities include accounts payable, 519.400 bonds walaturity date December 31, 2021 40.0001 and crued Income wie, 37,200 7. Long-terma tabtes indude accrued wages, 14100; and teavable (which is due to five qual annual payment starting December 31, 2017, 130,000, Contributed capital includes common stack or 11.000, and preferred stock (100 par), 36.000 9. United Capital Indudes pon borde , 543001 additional si in capito prerred to 12:400; additional pad-in capital or common, 114.700; and in In value of securities available for sale $1,100 10. Retained earnings Indudes unrestricted retained earnings, $37,800: allowance for doubtful accounts, $700; and accumulated depreciation on buildings and equipment of $21,000 and $13,00 respectively, Required: Based on the preceding information, prepare a properly classified December 31, 2016 balance sheet for the Brandt Company Brandt Company Balance Sheet December 31, 2016 Assets Current Assets Investments in available for sale securities Cash 1.000 Total current awets Long-Term Investments Chudy Work Total long-term investments Property, plant, and Equipment II DIO O Total property, plant, and equipment Intangible Assets Total Intangible assets Total Assets 166,700 Ubities Current abilities Current Latities Total current liabides Long Term Liabilities 64.400 Total long-term abilities Total abilities 166,200 Shareholders Equity Contributed Capital Total contributed capital 37.300 Total long term liabilities Total Liabilities 64,400 166,200 Shareholders' Equity Contributed Capital 32,300 > Total contributed capital Retained earnings 37,800 Accumulated Other Comprehensive Income Total contributed capital, retained earnings, and accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders' Equity 166,200 Corrections to Balance Sheet The Brandt Comprents the following December 31, 2016 balance sheet Brandt Company Sheet of Balances for Year Ended December 31, 2016 Current assets $44.300 Current liabilities $ 66,600 Long term investments 13,600 Long term bites 24,100 Property, plant, and equipment 123,500 Contributed capital 17,000 Intangible assets 7,700 Unrealized capital 22.500 Other assets 13,600 Retained earnings 72,500 Total assets $207,700 Total equities 5202,700 The following information is also available: 1. Current assets include cash, $3,600 accounts receivable, $16.500 notes receivable maturity date July 1, 2021), 510,000; and land, 512.000 2. Long term investments include a $4,600 investment in wallable for sale securities that are expected to be sold in 2017 and a $9.000 investment in Bray Company bonds that are expected to held until their December 31, 2019, maturity date 1. Property, plant, and equipment include buildings costing 563,400, inventory costing $30.500, and equipment couting 129,600 4. Intangible assets include patents that cost 58,200 (and on which $2,300 amortiration has cometed) and treasury stock that cost $1,800 5. Other sets include prepaid insurance (which expires on November 10, 2017 52.9001 sinking fund for bond retirement, 37,000 and trademarks that cost $3.700 and are not impaired 6. Current liabilities include accounts payable 519.400 bonds payable maturity de December 31, 2011), 140,000 and accrued Income Taxes pava 67,200 7. Long term liabilities include accrued wages $4,100; and mortgage rate which is due in five que al payment starting December 31, 2017) 120.000 B. Contributed capital includes common stock (5pat). $11.000 preferred stock (100 pr. 16,000 Unred capital indudes premium on bonds pava, 43001 ditional paid in capital o preferred stock, 12.400 ditional paldin capital in common stock, 114,700, and readintre a value of securities available focal 100 10. Retained earnings includes unrestricted retained earnings, 837,800; allowance for doubtful accounts, 5700, and accumulated depreciation on buildings and easisment of $21,000 and 513,00 respectively. Required: Based on the preceding Information, prepare a property classified December 31, 2016 balance sheet for the Brandt Company Brandt Company Balance Sheet December 31, 2016 Assets Current Assets Investments in available for sale securities 3,800 Total current assets Long Term Investments Total long-term Investments Property, Plant, and Equipment III II 110 Total property, plant, and equipment Intangible Assets Total Intangible assets Total Assets 166,200 Liabilities Current Uabilities Current Uabilities Total current liabilities Long-Term Liabilities Total long-term liabilities 64,400 Total abilities 166.200 Shareholders' Equity Contributed Capital Total contributed capital 32,300 Total long-term liabilities 64,400 Total abilities 166,200 Shareholders' Equity Contributed Capital 9 32,300 Total contributed capital Retained earnings Accumulated Other Comprehensive Income 37,800 Total contributed capital, retained earnings, and accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders' Equity 166,200 The Brandt Company presents the following December 31, 2016 balance sheet: Brandt Company Sheet of Balances for Year Ended December 31, 2016 Current assets $ 44,300 Current liabilities $ 66,600 Long-term Investments 13,600 Long-term liabilities 24,100 Property, plant, and equipment 123,500 Contributed capital 17,000 Intangible assets 7,700 Unrealized capital 22,500 Other assets 13,600 Retained earnings 72,500 Total assets $202,700 Total equities $202,700 The following information is also available: 1. Current assets include cash, $3,800; accounts receivable, $18,500; notes receivable (maturity date July 1, 2021), $10,000; and tand, $12,000 2. Long-term investments include a $4,600 Investment in available for sale securities that are expected to be sold in 2017 and a $9,000 investment in held until their December 31, 2019, maturity date. 3. Property, plant, and equipment include buildings costing 563,400, Inventory costing $30,500, and equipment costing $29,600. 4. Intangible assets include patents that cost $8,200 (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, 2017), $2,000; sinking fund for bond retirement, 57.000; and trademarks tha 6. Current liabilities include accounts payable, $19,400: bonds payable (maturity date December 31, 2021), 540,000; and accrued income taxes payable 7. Long-term liabilities include accrued wages, $4,100; and mortgage payable (which is due in five equal annual payments starting December 31, 2017) 8. Contributed capital indudes common stock (55 par), $11,000; and preferred stock (5100 par), 56,000, 9. Unrealized capital includes premium on bonds payable, 54,300; additional paid in capital on preferred stock. 52.400; additional bald.in capital oncom