Need help please, I am really lost for what to do with Part I, especially the additional information. I've included the input information as well as what I have completed so far. Also wondering if I have categorized and placed the correct values in the correct place.
@ CAPELLA UNIVERSITY Additional Information 1. 2. The LIFO method of inventory valuation is used. The cost and fair value of the long-tenn investments consisting of stock and bonds is the same. The amount of Construction Work in Progress account represents the costs expended to date on a building in the process of being constructed. The land on which the building sits cost $45,750. The patents were purchased at a cost of $1 1 .000 and are being amortized on a straight-line basis. $1.000 of the unamortized discount on bonds payable will be amortized in 2019. The notes payable are bank loans secured by long-ten'n investments with a fair value of $66,000. The bank loans will mature in 2019. The bonds payable have an interest rate of 11%. Interest is payable each December 31. and the bonds mature January 1. 2020. 600.000 shares of $1 par value common stock are authorized and 150,000 shares have been issued and are outstanding. Part 2: income Statement Presented below is information related to D. B. Stanley Company for 2018. Retained earnings balance. January 1. 201B $531000 Sales for the year 13350000 Cost of goods sold 0.350.000 Interest revenue 30.500 Selling and administrative expenses 2.555.000 Write-off of goodwill (not tax deductible) 451.000 Income taxes for 2013 49?,750 Gain on the sale of investments (normal recurring] 50.500 :35 due to flood damage-extraordinary item [net of 2 1 4' 500 trait? the disposition of the wholesale division (net 242.000 :55 on operations of the wholesale division {net of 491500 Dividends declared on common stock 13?,500 Dividends declared on preferred stock 38.500 (@) CAPELLA UNIVERSITY Assessment 2 Information , Parts 1 - 4 Part 1 : Classified Balance Sheet The adjusted trial balance of Jordan Contracting and other related information for the year 2018 is presented below .* Adjusted Trial Balance* December 31, 2018 Debits Credits Cash $22, 550 WAccounts Receivable* 89. 925 _Allowance for Doubtful Accounts $4, 78.5 LPrepaid Insurance* 3 , 245 Univentory* 159, 675 LLong-term Investments 186, 450 Ukand 46, 750 LGConstruction Work in Progress 68 , 200 [ Patents 19 , 800 Equipment 220, 000 - Accumulated Depreciation of Equipment 7 7, 000 Unamortized Discount on Bonds Payable* 1 1 ,000 Accounts Payable* 81, 400 Accrued Expenses 27. 060 Notes Payable* 51 . 700 Bonds Payable* 220, 000 Capital Stock 275, 000 Premium on Capital Stock* 24, 750 LRetained Earnings 75, 900 $837, 595 $837, 595(@) CAPELLA UNIVERSITY* Assessment 2 Template* Property , plant , and equipment Construction work in progress 21450 Land 46750 Equipment 220, 000 Less : Accumulated Depreciation - Equipment (77, 000 ) Intangible assets Patents Total Assets : Liabilities and Stockholders " Equity Current liabilities Accounts payable 81 , 400 Accrued expenses 27, 060 2@) CAPELLA UNIVERSITY* Assessment 2 Template Long - term liabilities Notes payable 51, 700 Bonds payable 220, 000 Less : Discount bonds payable* ( 1 1,0001 Stockholders' equity Capital stock 275 , 000 Premium capital stock 24, 750 Retained earnings 75, 900 3@) CAPELLA UNIVERSITY Assessment 2 Template Assessment 2 Use this template to complete Parts 1 . 2 , and 4 of Assessment 2 . Part 1 : Classified Balance Sheet Jordan Contracting Company Balance Sheet December 31 , 2018 Assets Current assets Cash 22. 5 ! Accounts Receivable* 89, 925 Less: allowance for doubtful accounts 14, 78:5 ) Prepaid insurance 3 , 245 Inventory 169 , 675 Long-term investments Long term investments 186, 450
