Munkrat Toupees, Inc Balance Sheet Correction Problem Below is the December 31, 2020 presentary balance sheet or Munkyat Toupees Inc Muskat Toupees, inc Balance She December 31, 2020 5 Current assets Investments Property, plant and equipment Intangible anses 220 500 4500 3 000 162500 Tot assets S1529 500 5 Current abetes Long-term abbes Stockholders equity 414500 450.000 5 000 Total Liabilities and SES 1529 500 This balance sheet was prepared by Munkrat's bookkeeper and obviously needs some work As the now CPA working with this client you dade deeper and come up with the following The current assets is made up of cash 1000 including $10.000 cash restricted for advertising expenditures to be made two years from now), accounts receivable of 5105.000 inventories $90.000, and lessunamedrent revenue of $8.500 2. The investments section includes the company's pension find of $145.000 for its employees and equity and debt investments totaling $170.500, net of the related fair value adjustment accounts. In this amount is an investment of $10 500 in Treasury bits purchased on 12/1/20. Those bills wil matore on February 1 2021 Also in the $179.500 there are $35 500 in investments management intends to sell in late spring 2021 Management intends to hold the rest of the investments for at least the next 2 years 3. Property, plant, and equipment includes a building $520.000 less accumulated depreciation $180.000, equipment 5225 000 loss accumulated depreciation of $80.000 and $148,000 (including 598.000 spent to buy and to be used in an expansion in 20281 and 5200 000 for night of use assets (leased equipment, shown net of amortizaton) 4. Intangible assets include goodwill 550,000. patents $82.500, and discount on bonds payable $20.000 5. Current liabilities include accounts payable $75,000 salaries and wages payable $25.000. Interest payable 510.000 notes payable out in 90 days $37.000 notes payable due over the next 5 years $60.000 allowance for doubtful accounts 57 500 losse payable $180,000 (duo evenly over the next years and income taxes payable $20.000 of the 560.000 note payable $12.000 is due in 2021 3. The $450.000 in long-term labites consists of 5145 000 pension inbility and the remainder in bonds payable. Both obligations are due in 5 years or more Stockholders equity has comenon stock $1.00 par value authorized 200.000 shares, 50 000 shares issued and outstanding all issued at an average pnce of S10. In addition stockholders equity also includes dividends payable of $5,000 and retained earnings of $160.000 Instructions: Prepare a classified balance in good form and with proper classification based on the additional information given Not all numbers are in the proper classification, so you may have to move items around to present the accounts correctly. Please use 3 column paper and refer to SaiProd for formatting Munkrat Toupees, Inc Balance Sheet Correction Problem Below is the December 31, 2020 presentary balance sheet or Munkyat Toupees Inc Muskat Toupees, inc Balance She December 31, 2020 5 Current assets Investments Property, plant and equipment Intangible anses 220 500 4500 3 000 162500 Tot assets S1529 500 5 Current abetes Long-term abbes Stockholders equity 414500 450.000 5 000 Total Liabilities and SES 1529 500 This balance sheet was prepared by Munkrat's bookkeeper and obviously needs some work As the now CPA working with this client you dade deeper and come up with the following The current assets is made up of cash 1000 including $10.000 cash restricted for advertising expenditures to be made two years from now), accounts receivable of 5105.000 inventories $90.000, and lessunamedrent revenue of $8.500 2. The investments section includes the company's pension find of $145.000 for its employees and equity and debt investments totaling $170.500, net of the related fair value adjustment accounts. In this amount is an investment of $10 500 in Treasury bits purchased on 12/1/20. Those bills wil matore on February 1 2021 Also in the $179.500 there are $35 500 in investments management intends to sell in late spring 2021 Management intends to hold the rest of the investments for at least the next 2 years 3. Property, plant, and equipment includes a building $520.000 less accumulated depreciation $180.000, equipment 5225 000 loss accumulated depreciation of $80.000 and $148,000 (including 598.000 spent to buy and to be used in an expansion in 20281 and 5200 000 for night of use assets (leased equipment, shown net of amortizaton) 4. Intangible assets include goodwill 550,000. patents $82.500, and discount on bonds payable $20.000 5. Current liabilities include accounts payable $75,000 salaries and wages payable $25.000. Interest payable 510.000 notes payable out in 90 days $37.000 notes payable due over the next 5 years $60.000 allowance for doubtful accounts 57 500 losse payable $180,000 (duo evenly over the next years and income taxes payable $20.000 of the 560.000 note payable $12.000 is due in 2021 3. The $450.000 in long-term labites consists of 5145 000 pension inbility and the remainder in bonds payable. Both obligations are due in 5 years or more Stockholders equity has comenon stock $1.00 par value authorized 200.000 shares, 50 000 shares issued and outstanding all issued at an average pnce of S10. In addition stockholders equity also includes dividends payable of $5,000 and retained earnings of $160.000 Instructions: Prepare a classified balance in good form and with proper classification based on the additional information given Not all numbers are in the proper classification, so you may have to move items around to present the accounts correctly. Please use 3 column paper and refer to SaiProd for formatting