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Help Save& 1 Cone Corporation is in the process of preparing its December 31,2018, balance sheet. There are some questions as to the proper classification
Help Save& 1 Cone Corporation is in the process of preparing its December 31,2018, balance sheet. There are some questions as to the proper classification of the following items a. $62,000 in cash restricted in a savings b. Prepaid rent of $36,000, covering the period January 1, 2019, through December 31, 2020. c. Note payable of $224,000. The note is payable in annual installments of $32,000 each, with the first installment payable on March account to pay bonds payable. The bonds mature in 2022. 1, 2019. d. Accrued interest payable of $24,000 related to the note payable. e. Investment in marketable securities of other corporations, $104,000. Cone intends to sell one-half of the securities in 2019. Prepare a partial classified balance sheet to show how each of the above items should be reported. CONE CORPORATION At December 31, 2018
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