Presented below is the balance sheet of Novak Corporation for the current year, 2020. NOVAK CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 487,260 Current liabilities $ 382,260 Investments 642,260 Long-term liabilities 1,002,260 Property, plant, and equipment 1,722,260 Stockholders' equity 1,772,260 Intangible assets 305,000 $3,156,780 $3,156,780 The following information is presented. 1. 2. 3. 4. 5. 6. 7. The current assets section includes cash $152,260, accounts receivable $172,260 less $12,260 for allowance for doubtful accounts, inventories $182,260, and unearned rent revenue $7,260. 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 $42,260; investments in common stock, short-term $82,260 and long-term $272,260; and bond sinking fund $245,480. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes buildings $1,042,260 less accumulated depreciation $362,260, equipment $452,260 less accumulated depreciation $182,260, land $502,260, and land held for future use $270,000. Intangible assets include a franchise $167,260, goodwill $102,260, and discount on bonds payable $35,480. Current liabilities include accounts payable $142,260, notes payable-short-term $82,260 and long-term $122,260, and income taxes payable $35,480. Long-term liabilities are composed solely of 7% bonds payable due 2028. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 72,260 shares for $433,560, and common stock, $1.00 par value, authorized 400,000 shares, issued 102,260 shares at an average price of $10. In addition, the corporation has retained earnings of $316,100. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) NOVAK CORPORATION Balance Sheet December 31, 2020 Assets eTextbook and Media Liabilities and Stockholders' Equity $