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The adjusted trial balance of Coronado Company and other related information for the year 2020 are presented as follows. Credit $ 9,080 CORONADO COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $ 42.250 Accounts Receivable 164,750 Allowance for Doubtful Accounts Prepaid Insurance 6,280 Inventory 209.750 Equity Investments (long-term) 340,250 Land 86,250 Construction in Progress (building) 125,250 Patents 36,000 Equipment 401,250 Accumulated Depreciation Equipment Discount on Bonds Payable 20,000 Accounts Payable Accrued Liabilities 240,380 149.250 50,450 Acordabilities Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings 50,450 95,250 201.250 501,250 45,000 140,120 $1.432,030 $1.432.030 Additional information: 1 2. 3. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $86,250, as shown in the trial balance The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. Of the discount on bonds payable, $2,000 will be amortized in 2021. The notes payable represent bank loans that are secured by long-term investments carried at $121.250. These bank loans are due in 2021 4 5. 6. The bonds pavahle hear interact 7. 8 The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2031. 600,000 shares of common stock of a par value of $1 were authorized, of which 501,250 shares were issued and outstanding Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Bullding and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) CORONADO COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable 164750 Less Allowance for Doubtful Accounts -9080 1 155 Inventory 209 Prepaid Insurance Total Current Assets Long term Investments Equity Investments Property, Plant and Equipment Land 86 Construction in Process 125 Equipment 401250 Less Accumulated Depreciation Equipment -240380 160 Property. Plant and Equipment Patents Total Assets Patents Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 149 Notes Payable 95 Accrued Liabilities 50 Total Current Liabilities Long-term Liabilities Bonds Payable 201 Less V Discount on Bonds Payable -20000 Total Liabilities Stockholders Equity Discount on Bonds Payable -20000 Total Liabilities Stockholders' Equity Common Stock $ 501250 Paid-in Capital in Excees of Par Common Stock 45000 Retained Earings 14012 Total Liabilities and Stockholders' Equity