P5-2 (L03) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill $ 125.000 Accumulated depreciation equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 98,362 Income taxes payable Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, $1 par value 200,000 Notes receivable 445,700 Preferred stock, $10 par value 150.000 265,000 Notes payable (to banks) 87.920 Prepaid expenses Accounts payable 490,000 Equipment 1,470,000 Retained earnings Debt investments (trading) 121,000 Income taxes receivable 97,630 270,200 Accumulated depreciation-buildings Notes payable (long-term) 1,600,000 Buildings 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same