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Required information P5-1 (Algo) Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 [The following information applies to the questions displayed below.] Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at December 31, current year: cash, $58,900; accounts receivable, $72,000; merchandise inventory, $156,000; prepaid insurance, $1,600; investment in stock of Z Corporation (long-term), $37,000; store equipment, $69,000; used store equipment held for disposal, $9,400; accumulated depreciation, store equipment, $19,200; accounts payable, $53,500; long-term note payable, $43,000; income taxes payable, $10,000; retained earnings, $166,000; and common stock, 102,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). P5-1 Part 1 Required: 1. Based on these data, prepare a December 31, current year, balance sheet. Note: Amounts to be deducted should be indicated by a minus sign