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EASTWOOD COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Equity Investments (long-term) Land Construction in Process (building) Patents Equipment Accumulated Depreciation-Equipment Discount on Bonds Payable Accounts Payable Accrued Liabilities Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 41,000 163,500 $ 8,700 5,900 208,500 339,000 85,000 124,000 36,000 400,000 240,000 20,000 148,000 49.200 94,000 200,000 500,000 45,000 138,000 $1,422,900 $1,422,900 Additional information: 1. 2. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance Paid-in Capital in Excess of Par- Common Stock Retained Earnings 5,000 138,000 $1,422,900 1,422,900 Additional information: 1 2 The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares are the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance 4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. S. Of the discount on bonds payable, $2,000 will be amortized in 2018 6. The notes payable represent bank loans that are secured by long-term investments carried at $120,000 These bank loans are due in 2018. 7The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2028. 8. 600,000 shares of common stock of a par value of S1 were authorized, of which 500,000 shares were issued and outstanding Instructions Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed