Presented below is the balance sheet of Flounder Corporation as of December 31, 2017.

FLOUNDER CORPORATION BALANCE SHEET DECEMBER 31, 2017
Assets
Goodwill (Note 2)		$ 125,120
Buildings (Note 1)		1,640,000
Inventory		317,220
Land		950,000
Accounts receivable		175,120
Treasury stock (50,000 shares)		92,120
Cash on hand		181,020
Assets allocated to trustee for plant expansion
Cash in bank		75,120
Debt investments (held-to-maturity)		143,120
		$3,698,840
Equities
Notes payable (Note 3)		$ 605,120
Common stock, authorized and issued, 1,000,000 shares, no par		1,155,120
Retained earnings		808,120
Noncontrolling interest		60,120
Appreciation capital (Note 1)		575,120
Income tax payable		80,120
Reserve for depreciation recorded to date on the building		415,120
		$3,698,840

Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $575,120. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,120 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,120 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Prepare a corrected classified balance sheet in good form. The notes above are for information only.