MARKER CORPORATION

BALANCE SHEET

DECEMBER 31, 2020

Assets

Goodwill (Note 2) $ 200,000

Buildings (Note 1) 2,260,000

Inventory 216,500

Land 687,000

Accounts receivable 296,000

Treasury stock (6,000 shares) 68,500

Cash on hand 134,600

Assets allocated to trustee for plant expansion

Cash in bank 50,000

Equity investments (trading) 136,000

$4,048,600

Equities

Notes payable (Note 3) $ 800,000

Common stock, authorized and issued, 100,000 shares, no par 650,000

Non-controlling Interest 68,000

Retained earnings 1,276,600

Appreciation capital (Note 1) 425,000

Income tax payable 119,000

Reserve for depreciation recorded to date on the building 710,000

$4,048,600

Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $425,000. Depreciation has been recorded based on cost.

Note 2: Goodwill in the amount of $200,000 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $200,000 was credited to Retained Earnings.

Note 3: Notes payable are long-term except for the current installment due of $125,000.

Required:

Prepare a corrected classified balance sheet in good form. The notes above are for information only.