Presented below is the balance sheet of Cullumber Corporation for the current year, 2025. Cullumber Corporation Balance Sheet December 31, 2025 Current assets $ 488,530 Current liabilities $ 383,530 Investments 643,530 Long-term liabilities 1,003,530 Property, plant, and equipment 1,723,530 Stockholders' equity 1,773,530 Intangible assets 305,000 $3,160,590 $3,160,590 The following information is presented. 1. 2. 3. The current assets section includes cash $153,530, accounts receivable $173,530 less $13,530 for allowance for doubtful accounts, inventories $183,530, and unearned rent revenue $8,530. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. The investments section includes the cash surrender value of a life insurance contract $43,530; investments in common stock, short-term $83,530 and long-term $273,530; and bond sinking fund $242,940. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes buildings $1,043,530 less accumulated depreciation $363,530, equipment $453,530 less accumulated depreciation $183,530, land $503,530, and land held for future use $270,000. 4. Intangible assets include a franchise $168,530, goodwill $103,530, and discount on bonds payable $32,940. 5. Current liabilities include accounts payable $143,530, notes payable-short-term $83,530 and long-term $123,530, and income taxes payable $32,940. 6. Long-term liabilities are composed solely of 7% bonds payable due 2033. 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $420,000; and common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $353,530.