Garland Company Balance Sheet Assets: Cash and marketable securities $500,000 Accounts receivable 800,000 Inventories 1,350,000 Prepaid expenses 50,000 Total current assets $2,700,000 Fixed assets 5,000,000 Less: accum. depr. (2,000,000) Net fi xed assets $3,000,000 Total assets $5,700,000 Liabilities: Accounts payable $400,000 Notes payable 900,000 Accrued taxes 75,000 Total current liabilities $1,375,000 Long-term debt 1,200,000 Owner