Exercise 5-7 Presented below are selected accounts of Teal Company at December 31, 2020. Inventory (finished goods) $ 60,100 Cost of Goods Sold $2,155,700 Unearned Service Revenue 90,800 Notes Receivable 39,600 Equipment 257,600 Accounts Receivable 161,840 Inventory (work in process) 34,600 Inventory (raw materials) 185,820 Cash 42,200 Supplies Expense 64,880 Debt Investments (trading) 37,000 Allowance for Doubtful Accounts 12,220 Customer Advances 52,700 Licenses 19,080 Restricted Cash for Plant Expansion 56,100 Additional Paid-in Capital 92,790 Treasury Stock 22,870 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 $55,490. 3. The short-term investments have a fair value of $31,450. 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 $49,100 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $12,600. 7. Treasury stock is recorded at cost. Prepare the current assets section of Teal 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.) TEAL COMPANY Balance Sheet (Partial) December 31, 2020 Current Assets $ Less $