Presented below is the balance sheet of Sandhill Corporation as of December 31, 2017. SANDHILL CORPORATION BALANCE SHEET DECEMBER 31, 2017 Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 125,550 1,640,000 317,650 950,000 175,550 92,550 181,450 75,550 143,550 Debt investments (held-to-maturity) Equities 143,550 $3,701,850 Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained earnings Noncontrolling interest Appreciation capital (Note 1) $ 605,550 1,155,550 808,550 60,550 Income tax payable Reserve for depreciation recorded to date on the building 575,550 80,550 415,550 $3,701,850 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 $575,550. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,550 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,550 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. (List Current Assets in order of liquidity) SANDHILL CORPORATION Balance Sheet Assets Assets Allocated to Trustee for Expansion: -/3 E Liabilities and Stockholders' Equity

Answer rating: 100% (QA)

To prepare a corrected classified balance sheet for Sandhill Corporation as of December 31 2017 I wi... View the full answer