Part A: Tim, Bart, Phil formed Minion Corporation in 2012. The following information for 2013 is given below.

Cash Accounts receivable Inventory Office supplies Prepaid expenses Buildings & equipment	Debit 24,000 58,000 15,000 650 2,200 500,000	Credit
Accumulated depreciation		$ 14,000
Land	50,000
Long-Term Investments	900,000
Copyright, trademarks	25,000
Accounts payable		$ 21,000
Note payable -short term		$ 50,000
Interest payable		$ 7,650
Wages payable		$ 1,300
Payroll tax payable		100
Income tax payable		$ 13,200
Mortgage payable (matures 2023)		$ 950,000
Common Stock(.01 par value)		560
Additional paid-in capital		$ 279,440
Retained earnings		$ 237,600

Required:

Prepare the balance sheet as of Dec. 31, 2013 in good form.

Calculate the current ratio