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D Question 22 25 pts BALANCE SHEET ADJUSTMENT & PREPARATION Presented below is the Balance Sheet of Kinghorn Company for the current year 2020 Current Assets $485.000 Current Liabilities $380,000 Investments $640,000 Long-Term Liabilities $1,000,000 Property. Plant & $1.720,000 Equipment Intangible Assets $305,000 S/Holders' Equity $1.770,000 TOTAL $3,150,000 TOTAL $3,150,000 The following information is presented: 1. The current assets section includes: cash S150.000, accounts receivable $170,000, allowance for doubtful accounts $10,000, inventories $180,000 and unearned revenues $5,000. Inventories are stated at the lower of FIFO cost or market value. 2. The investments section includes, the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term (trading $80,000 and long-term (available-for-sale) $270,000, and a bond sinking fund S250,000. The cost and fair value of investments in common stock are the same. 3. PPE Includes: buildings $1,040,000, accumulated depreciation for building S360,000: equipment $450,000, accumulated depreciation for equipment $180.000; land $500,000: and land held for future use $270,000. 4. Intangible assets include: a patent $165.000 goodwill $100,000; and discount on bonds payable $40,000 5. Current liabilities include: accounts payable $140,000: notes payable - short-term $80.000 and long-term $120.000; and taxes payable $40.000 6. Long-term liabilities are composed solely of 7% bonds payable due 2027. 7. Stockholders' equity has: preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $450,000: and common stock. $1.00 par value, authorized 400,000 shares, issued 100.000 shares at an average price of $10. In addition, the corporation has retained earnings of $320,000 in other words, the above Balance Sheet is a mess and needs adjusting given the Information in 1-7 - that's your job : Required: Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. [25 points) Check Figure: Once you have made various adjustments, your Total Assets should equal $3,115,000)