Debits	Credits
Cash	23,000
Accounts receivable	36,550
Inventories	80,625
Investments	10,750
Note receivable	120,000
Machinery	85,875
Building	45,000
Land	55,000
Prepaid rent	17,200
Acc. Depreciation machinery	11,825
Patent (net of amortization)	79,000
License		10,225
Accounts payable		38,600
Wages payable		12,400
Taxes payable		34,400
Bonds payable		215,000
Notes payable		114,000
Common stock		107,500
Retained earnings		?????

Using the above partial adjusted trial balance and the notes below, prepare the balance sheet for Miles & Co. dated Dec 31st 2021. (20 points)

Please build the BS in excel and then copy and paste your answer in. This way, it is easier to format.

Notes:

1. Investments include:
   1. $3,000 worth of stocks that the company intends to hold for 5 years.
   2. The remainder are equity stocks intended for sale in the next 10 months.
2. Note receivables are broken down as follows:
   1. 20,000 is a note due in February 2022
   2. 70,000 is a note due March 2023
   3. 30,000 is a note with 3 annual payments of 10,000. First payment is due June 2022
3. Prepaid rent is for 16 months rent starting Jan 1st 2022.
4. Accounts receivable is net of $3000 allowance for doubtful accounts.
5. Notes payables are broken down as follows:
   1. 40,000 is note that is due Sept 1^st 2022
   2. 74,000 is a note that is due Jun 1^st 2026
6. Cash includes $4,000 in a sinking fund to pay off a note payable in 2022.
7. Common stock represents 20,000 shares of 0 par value stock issued and outstanding. 40,000 total shares are authorized.