Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020.

1. Current assets: cash and cash equivalents, $150,000; accounts receivable, $170,000; allowance for doubtful accounts, $10,000; inventories, $200,000 cost, $180,000, net realizable value.
2. Fixed assets: buildings, $1,040,000 less $360,000 accumulated depreciation; equipment, $450,000 less $180,000 accumulated depreciation; land $500,000; land held for future use, $270,000.
3. Current liabilities: accounts payable, $150,000; notes payable, $80,000; income taxes payable, $40,000; unearned rent revenue, $5,000.
4. Other liabilities: long-term notes payable issued at face value, $120,000; 7% bonds payable due 2028, $1,000,000; discount on bonds payable, $40,000; deferred income tax liability, $6,000, based on an effective tax rate of 20%.
5. Investments: cash surrender value of a life insurance contract, $40,000; investments in common stock for short-term trading, $88,000 cost, $80,000 fair value; investments in short-term available-for-sale debt securities, cost, $240,000, fair value, $270,000; bond sinking fund $250,000.
6. Intangible assets: trademarks, $165,000; goodwill, $100,000.
7. Stockholders equity: preferred stock, no par value, authorized 200,000 shares, issued 170,000 shares for $510,000; common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at $9per share; retained earnings (after closing entries), $320,000; accumulated other comprehensive income, $24,000.

Instructions: Prepare a classified balance sheet for Sargent Corporation