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P1 Foundations of Financial Accounting Classified Balance Sheet-Including Notes Adjusted account balances and supplerne 31, 2015, are as follows: ccount balances and supplemental information for Brockbank Research Corp. as of Decem 51200 Accounts Payable Accounts Receivable-Trade Accumulated Depreciation Leasehold Improvements and Equipment Additional Paid-In Capital Allowance for Bad Debts Automotive Equipment 600 65 12000 57412 40000 225.000 $ 32,160 Insurance Claims Receivable 57,731 Inventories Investment in Unconsolidated 579,472 Subsidiary 265,000 Land 1.731 Leasehold Improvements Cash 132,800 7396-12% Mortgage Notes Payable 2000 Cash Fund for Bond Retirement 25,600 Notes Payable-Banks (due in 2016) Common Stock 3,600 Notes Payable-Trade Deferred Income Tax Liability 35,000 Patent Licenses 45.000 Prepaid Insurance Dividends Payable 5500 37,500 Profit Sharing, Payroll, and Vacation Franchises 12,150 Payable Furniture, Fixtures, and Store Equipment 769.000 Retained Earnings Supplemental information is as follows: (a) Depreciation is provided by the straight-line method over the estimated useful lives of the assets. (b) Common stock is $1 par, and 35,000 of the 100.000 authorized shares were issued and are outstanding (C) The cost of an exclusive franchise to import a foreign company's ball bearings and a related patent license are being amortized on the straight-line method over their remaining lives: franchise. 10 years; patents, 15 years. (d) Inventories are stated at the lower of cost or market; cost was determined by the specific identifica tion method. (e) Insurance claims based on the opinion of an independent insurance adjustor are for property damages at the central warehouse. These claims are estimated to be two-thirds collectible in the following year and one-third collectible thereafter. ( The company leases all of its buildings from various lessors. Estimated fixed-lease obligations are $50,000 per year for the next 10 years. The leases do not meet the criteria for capitalization. (g) The company is currently in litigation over a claimed overpayment of income tax of $13,000. In the opinion of counsel, the claim is valid. The company is contingently liable on guaranteed notes worth $12.000. Instructions: Prepare a properly classified balance sheet. Include all notes and parenthetical notations necessary to properly disclose the essential financial data