Current Attempt in Progress The adjusted trial balance of Pearl Company and other related information for the year 2020 are presented as follows. PEARL COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $ 44,430 Accounts Receivable 166,930 Allowance for Doubtful Accounts $ 8,900 Prepaid Insurance 6,100 Inventory 211,930 Equity Investments (long-term) 342,430 Land 88,430 Construction in Progress (building) 127,430 Patents 36,000 Equipment 403,430 Accumulated Depreciation Equipment 240,200 Discount on Bonds Payable 20,000 Accounts Payable 151,430 Accrued Liabilities 52,630 Notes Payable 97,430 Bonds Payable 203,430 Common Stock 503,430 Paid-in Capital in Excess of Par-Common Stock 45,000 Retained Earnings 144,660 $1,447,110 $1,447,110 Additional information: 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $88,430, as shown in the trial balance. 4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. 5. Of the discount on bonds payable, $2,000 will be amortized in 2021. 6. The notes payable represent bank loans that are secured by long-term investments carried at $123,430. These bank loans are due in 2021. 7. The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2031. 8. 600,000 shares of common stock of a par value of $1 were authorized, of which 503,430 shares were issued and outstanding Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) PEARL COMPANY Balance Sheet Assets $ $ .: Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity $ A $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit