*PREPARE A CLASSIFIED BALANCE SHEET IN GOOD FORM. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

P5-2. (Balance Sheet Preparation) (LO 3) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill 125,000 Accumulated depreciation-equipment 292,000 Payroll taxes payable 177,591 Inventory 239,800 45,000 Bonds payable 300,000 Rent payable (short-term) Discount on bonds payable 15,000 Income taxes payable 98,362 480,000 360,000 Rent payable (long-term) Cash 480,000 Common stock, $1 par value 200,000 Land 150,000 Notes receivable 445,700 Preferred stock, $10 par value Notes payable (to banks) 265.000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 1,470,000 Retained earnings Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation buildings 270,200 Notes payable (long-term) 1,600,000 Buildings 1,640,000