please help to calculate unrealized decrease in value of long term investments
Accounts recent Inventories Zess Manufacturing Corporation Balance Sheet for the Year Ended December 11, 2016 Latitis Startaders' Euty 5225.000 Accounts payable 345.700 Horvable 560.000 Nevate 40,000 Bability 57,00 income taxes 450.000 Derretas 1,750,000 Acume depreciation 1.4,000 tubes 37,000 Cock 300,000 stars $3,400,400 Reinet earnings 900,000 500,000 30.000 51.200 28.000 40.000 Machinery and met $2.231,050 Total 1,075,00 Total Lab and Stars your common has been to perform an audit, during which you discover the following information 1. Cleistotine 114.000 in met wat were made on December 31, 2015 but were treatine Moto 12.010 karna Cash includes $100.000 restricted for bunding purposes 2. Indused in accounts receive 310,000 note din comber 2010. from Zoe's president 3. During 2016, Zeus purchased 50 shares of common stack of a major coronation that suples Deus with raw materials. Total cost of this stock w $51.300, and fair value on December 31, 2016. was 37,000. The dedine in fair values considered temporary as a tool these shares indefinitely 4. Tretry stock was recorded at cost when Zevs purchased 200 of its own shes for 537 per share in 2016. This artis luded investments 5. on December 21, 2016. Deus borrowed $500,000 from a bank in exchange for a 10% note pale naturing December 31, 2021. Fou principalements are die December 11 of the year beginning in 2017. This noteis collaterali e $250,000 tract of land acquired as a potential future buildings, which is wcluded in lond 6. The mortgage avaldus 550.000 principal payments plus interest at the end of each month. Parents were made on January 31 and February 28, 2017. The ce of this more was due June 10, 2017 Os March 1, 2017 prior Issuance of the audied financial statements, Zeus consumated a necancelable agreement with the lender to refinance this mortgage. The new term require $100,000 na principal payments, plus est, on February of each year, beginning in 2016. The final payment is due february 28, 2025 7. The lawsuitability will be paid in 2017 8. Of the total deferred tax liability, $5,000 is considered a current ability, 5. The current income tax expense reported in Zeus's 2016 income statement 1.200 10. The company was the time 100.000 shares of $50 para common stock Required Required Prepare a corrected classified balance sheet as December 31, 2016. Zeus Manufacturing Corporation Balance Sheet December 31, 2016 Assets Current Assets: Cash 109,000 Accounts receivable (net) 317,700 560,000 Inventories Total current assets 986,700 47,000 , Long-Term investment, at fair value Property, plant, and Equipment (at cost): Land 200,000 1,750,000 Building Machinery and equipment 1,964,000 Total 3,714,000 , Less: Accumulated depreciation 420,000 3,294,000 3,494,000 Total property, plant, and equipment Intangible Asset: Goodwill 37,000 Other Assets: Cash restricted for building purposes 100,000 Officer's note receivable Land held for future building site 30,000 250,000 380,000 V Total Assets 4,944,700 Liabilities Current Liabilities: 119,800 200,000 Accounts payable Current installments of long-term debt Lawsuit liability Income taxes payable Deferred tax liability 80,000 21,200 > 5,000 Total current liabilities 426,000 Long-Term Debt: 800,000 400,000 V Mortgage payable Notes payable Deferred tax liability Total long-term debt Total Liabilities 23,000 1,223,000 1,649,000 Shareholders' Equity Contributed Capital: 2,000,000 231,000 2,231,000 Common stock, $50 par value Additional paid-in capital Total paid-in capital Retained earnings Accumulated Other Comprehensive Loss: Unrealized decrease in value of long-term investment 1,075,400 2,000,000 X Total -6,400 X Less: Cost of treasury stock -6,400 Total Shareholders' Equity Total Liabilities and Shareholders' Equity 3,300,000 x 4,949,000 x
