(Preparation of a Corrected Balance Sheet) The balance sheet of Kishwaukee Corporation as of December 31, 2025, is as follows. Kishwaukee Corporation Assets Balance Sheet December 31, 2025 Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 120,000 1,640,000 312,100 950,000 170,000 87,000 175,900 70,000 138,000 $3,663,000 Equities Notes payable (Note 3) $ 600,000 Common stock, authorized and issued, 1,000,000 shares, no par 1,150,000 Retained earnings 858,000 Appreciation capital (Note 1) 570,000 Income taxes payable 75,000 Reserve for depreciation recorded to date on the building 410,000 $3,663,000

(Preparation of a Corrected Balance Sheet) The balance sheet of Kishwaukee Corporation as of December 31, 2025, is as follows. Kishwaukee Corporation Balance Sheet December 31, 2025 \begin{tabular}{lr} \hline Assets & \\ \hline Goodwill (Note 2) & $120,000 \\ Buildings (Note 1) & 1,640,000 \\ Inventory & 312,100 \\ Land & 950,000 \\ Accounts receivable & 170,000 \\ Treasury stock (50,000 shares) & 87,000 \\ Cash on hand & 175,900 \\ Assets allocated to trustee for plant expansion & \\ \hline Cash in bank & 70,000 \\ Debt investments (held-to-maturity) & 138,000 \\ \hline Equities & $3,663,000 \\ \hline Notes payable (Note 3) & \\ Common stock, authorized and issued, 1,000,000 shares, no par & 1,150,000 \\ Retained earnings & 858,000 \\ Appreciation capital (Note 1) & 570,000 \\ Income taxes payable & 75,000 \\ Reserve for depreciation recorded to date on the building & 410,000 \\ \hline \end{tabular}