Presented below is the balance sheet of Sargent Corporation for the current year, 2017 WHISPERING CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets Investments Property, plant, and equipment Intangible assets $486,810 Current liabilities 381,810 1,001,810 1,771,810 $3,155,430 641,810 Long-term liabilities 1,721,810 Stockholders' equity 305,000 $3,155,430 The following information is presented The current assets section includes cash $151,810, accounts receivable $171,810 less $11,810 for allowance for doubtful accounts, inventories $181,810, and unearned rent revenue $6,810. Inventory is stated on the lower-of-FIFO-cost-or-market. The investments section includes the cash surrender value of a life insurance contract $41,810; investments in common stock, short-term $81,810 and long-term $271,810; and bond sinking fund $246,380. The cost and fair value of investments in common stock are the same Property, plant, and equipment includes buildings $1,041,810 less accumulated depreciation $361,810, equipment $451,810 less accumulated depreciation $181,810, land $501,810, and land held for future use $270,000 Intangible assets include a franchise $166,810, goodwill $101,810, and discount on bonds payable $36,380. Current liabilities include accounts payable $141,810, notes payable-short-term $81,810 and long-term $121,810, and income taxes payable $36,380 Long-term liabilities are composed solely of 7% bonds payable due 2025 Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 71,810 shares for $430,860, and common stock, $1.00 par value, authorized 400,000 shares, issued 101,810 shares at an average price of $10. In addition, the corporation has retained earnings of $322,850 1. 2. 3. 4. 5. 6. 7