E5-7 (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
Finished Goods		$52,000	Cost of Goods Sold			$2,100,000
Unearned Revenue		90,000	Notes Receivable			40,000
Equipment		253,000	Accounts Receivable			161,000
Work in Process		34,000	Raw Materials			207,000
Cash		37,000	Supplies Expense			60,000
Equity Investments (Short-term)		31,000	Allowance for Doubtful Accounts			12,000
Customer Advances		36,000	Licenses			18,000
Cash Restricted for Plant Expansion		50,000	Additional Paid-in Capital			88,000
			Treasury Stock			22,000
The following additional information is available:
1. Inventories are valued at lower-of-cost-or-market using LIFO.
2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is						$50,600
3. The short-term investments have a fair value of			$29,000	(Assume they are trading securities.)
4. The notes receivables are due April 30, 2016, with interest receivable every April 30. The notes bear
interest at	6%	(Hint: Accrue interest due on December 31, 2014.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of
$50,000	are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated amortization of				$14,000
7. Treasury stock is recorded at cost.
Instructions:
Prepare the current assets section of Yasunari Kawabata Companys December 31, 2014, balance sheet, with appropriate disclosures.
Current assets
Title				Amount
Title				Amount	Formula
Title					Amount
Title
				Amount
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Inventories at lower-of-cost-(determined using LIFO)-or-market
Title				Amount
Title				Amount
Title				Amount	Formula
Total current assets					Formula