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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
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 $575,090. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,090 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,090 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of
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