MARIGOLD COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $43,960 Accounts Receivable 166.460 Allowance for Doubtful Accounts $9,360 Prepaid Insurance 6.360 Inventory 211,460 Equity Investments (long-term 341.960 Land 87,960 Construction in Progress (building) 126,960 Patents 36,000 Equipment 402.960 Accumulated Depreciation-Equipment 240460 Discount on Bonds Payable 20,000 Accounts Payable 150.960 Accrued Liabilities Notes Payable 52160 96,960 Bonds Payable Common Stock 202,960 502.960 Paid-in Capital in Excess of Par-Common Stock 45.000 Retained Earnings 143.460 $1,444,080 $1,444,080 Additional information 1 The LIFO method of inventory value is used 2 2 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 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 $87,960, as shown in the trial balance The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis 4 5. Of the discount on bonds payable, $2,000 will be amortized in 2021 6 7. The notes payable represent bank loans that are secured by long-term investments carried at $122,960. These bank loams are due in 2021 The bonds payable bear interest at 8% payable every December 31, and are due January 1.2031 & 600.000 shares of common stock of a par value of $1 were authorized of which 502.960 shares were sued and outstanding Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed List Current Assets in order of liquidity List Property Plant and Equipment in order of Land, Building and Equipment Enter account name only and do not provide the descriptive information provided in the question MARIGOLD COMPANY Balance Sheet Assets