Exercise 5-7 Presented below are selected accounts of Nash Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 62,000 96,200 260,500 42,500 37,000 39,000 44,200 53,200 cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,106,200 36,200 148,960 199,640 65,630 12,520 16,320 88,890 22,160 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 $46,748. 3. The short-term investments have a fair value of $31,010. 4. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $45,100 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $13,080. 7. Treasury stock is recorded at cost. Prepare the current assets section of Nash Company's December 31, 2020, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) Prepare the current assets section of Nash Company's December 31, 2020, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) NASH COMPANY Balance Sheet (Partial) Current Assets