Exercise 5-12 Presented below is the trial balance of Concord Corporation at December 31, 2017. Debit Credit Cash $199,490 Sales $8,103,530 Debt Investments (trading) (cost, $145,000) 156,530 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,490 Equity Investments (long-term) 279,490 Notes Payable (short-term) 93,530 Accounts Payable 458,530 Selling Expenses 2,003,530 66,610 Investment Revenue Land 263,530 Buildings 1,042,490 Dividends Payable 138,490 Accrued Liabilities 99,530 Accounts Receivable 438,530 Accumulated Depreciation-Buildings 152,000 28,530 Allowance for Doubtful Accounts Administrative Expenses 903,610 Interest Expense 214,610 Interest Expense 214,610 Inventory 599,490 Gain (extraordinary) 83,610 Notes Payable (long-term) 902,490 Equipment 603,530 Bonds Payable 1,002,490 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,003,530 194,530 Treasury Stock Patents 195,000 Retained Earnings 80,490 82,490 Paid-in Capital in Excess of Par $12,355,850 $12,355,850 Totals CONCORD CORPORATION Balance Sheet December 31, 2017 Assets $ Liabilities and Stockholders' Equity