Determining Current Assets and Current Liabilities from Other Accounts Determine the missing amounts from a balance sheet dated December 31, 2020. Given amounts Equipment, net Patent Notes payable (long-term) Common stock Retained earnings Total liabilities Dec 31, 2020 $33,750 7,500 10,000 22,500 6,250 25,000 Note: There are no other missing amounts. Missing amounts Dec 31, 2020 Total current assets $ Total current liabilities $ Identifying Disclosure Types The following items were identified in preparing year-end, December 31, 2020, financial statements for Lakeside Inc. In each situation, indicate the type of disclosure that should be considered: (1) summary of significant accounting policies, (2) fair value measurement, (3) related party transactions, (4) subsequent events, (5) errors, fraud, and illegal acts, or (6) none of the above. a. Guaranteed the loan of its shareholder with a 25% ownership interest. b. Determined that long-term debt investments at December 31, 2020, are classified as Level 2 in the fair value hierarchy. c. Incurred a loss due to a flood on December 31, 2020. d. Currently investigating indications of bribes paid by employees of one of its subsidiaries in China for marketing opportunities for its products. e. Guaranteed the loan of one of its suppliers. f. Secured a new bank loan on January 15, 2021. g. Inventories are valued at the lower of cost (first-in, first-out) or market. created by SEASOET LTD