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Attedal by December The the fol BLACK CORPORATION NOTEX 10 FINANCIAL STATEMENTS FOR YEAR ENDING DECEMBER NOTE Mailing with wide val. The cow. Det NOTE 2: Goodwill de 2000 mm beled a book of vale.com NOTE 2 Naslegte the cartes de BLACK CORPORATION BALANCE SHEET AT DECEMBER I. AUSSTS G21 IN 1.000 2100 L.S.T. 1200 Aceste Restricted Cash ATM 20 Emai aattam, TOTAL ASSETS 1 LI SIRRI LIABILITIES AND STOCKAREERS COUNTY Neo3 ca RE AC Fudent To Recreo TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 43 BLACK CORPORATION BALANCE SHEET AT DECEMBER 31, 20X6 BLACK CORPORATION BALANCE SHEET AT DECEMBER 3I. 20X6 Attached is a balance sheet prepared by Black Corporation at December 31, 20X6. The following notes to the financial statements are also available. NOTE 1: BLACK CORPORATION NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDING DECEMBER 31, 20X6 Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $570,000. Depreciation has been recorded based on cost. Goodwill in the amount of $120,000 was recognized because the company believed that book value was not an accurate representation of the fair market value of the company. Notes payable are long term except for the current installment due of $60,000. NOTE 2: NOTE 3: REQUIRED: Using the attached forms, prepare a classified balance sheet, in proper form, making any corrections deemed necessary. Be sure to use appropriate terminology for the account names. The notes provided are for information purposes only. $ BLACK CORPORATION BALANCE SHEET AT DECEMBER 31, 20X6 ASSETS Goodwill (See Note 2) Building (See Note 1) Inventories Land U.S. Treasury Notes, at cost and fair value Cash on Hand Accounts Receivable Restricted Cash Allocated To Trustee For Plant Expansion: Cash in Bank Treasury Stock (50,000 shares, no par, at cost) TOTAL ASSETS 120,000 1,640,000 312,100 750,000 120,000 193,900 170,000 70,000 87,000 3,463,000 $ LIABILITIES AND STOCKHOLDERS' EQUITY Notes Payable (See Note 3) Common Stock, authorized and issued, 1,000,000 shares, no par Retained Earnings Appreciation Capital (See Note 1) Federal Income Taxes Payable Reserve For Depreciation of Building TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 600,000 1,150,000 648,000 570,000 75,000 420,000 3,463,000 $