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Current Attempt in Progress Statement of financial position items for Pronghorn Inc. follow for the current year, 2020: Goodwill $ 123,750 Accumulated depreciation-equipment $289,080 Bank
Current Attempt in Progress Statement of financial position items for Pronghorn Inc. follow for the current year, 2020: Goodwill $ 123,750 Accumulated depreciation-equipment $289,080 Bank loan 175,815 Inventory 237,402 Bonds payable due 2024 282,300 Rent payable 44,550 Cash 356,400 Income tax payable 97,378 Land 475,200 Rent payable (long-term) 475,200 Notes receivable 441,243 Common shares (20,000 shares issued) 198,000 Notes payable 262,350 Preferred shares (15,000 shares issued) 148,500 Accounts payable 485,100 Prepaid expenses 87,041 Retained earnings ? Equipment 1,455,300 Income tax receivable 96,654 FV-NI investments 119,790 Notes payable (due in five years) 1,584,000 Accumulated depreciation-buildings 267,498 Buildings 1,623,600 (a) Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, bank loan, and notes payable are short-term, unless stated otherwise, and that the FV-NI investments are stated at fair value. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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