Please note: Balance sheet- ASSETS has 25 lines including the 3 boxes that say less/add

LIABILITIES AND STOCKHOLDERS EQUITY has 20 lines including 1 box that says less/add

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Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017 CULLUMBER CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets 488,020 Current liabilities 643,020 1,723,020 305,000 $3,159,060 383,020 1,003,020 1,773,020 $3,159,060 Long-term liabilities Stockholders' equity Property, plant, and equipment Intangible assets The following information is presented. The current assets section includes cash $153,020, accounts receivable $173,020 less $13,020 for unearned rent revenue $8,020. Inventory is stated on the lower-of-FIFO-cost-or-market nection ndutes cotah s153,020 ec ecevatile 3173,020 es $13,.020 for allwance for douetul cunts, inventores s183,0 section includes the cash surrender value of a life insurance contract $43,020; investments in common stock, short-term $83,020 and long-term 1. $273,020; and bond sinking fund $243,960. The cost and fair value of investments in common stock are the same. and equipment includes buildings s.1,043,020 less accumulated depreciation $363,020, equioment s453,020 less accumulated deprecation and land held for future use $270,000 assets include a franchise $168,020, goodwill $103,020, and discount on bonds payable $33,960. s. Current liabilities include accounts payable $143,020, notes payable-short-term $83 6. Long- ,020 and long-term $123.020, and income taxes payable $33,960. term liabilities are composed solely of 7% bonds payable due 2025. 7. Stockholders' equity has p0 hrs at stock, no par value, authorized 200,000 shares, issued 73,020 shares for $438,120, and common stock, $1.00 par value, average price of $10. In addition, the corporation has retained earnings of $304,700. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given a List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the order of liquidity. descriptive information provided in the question.) CULLUMBER CORPORATION Balance Sheet