Presented below is the trial balance of Hightower Corporation at December 31, 2020, Debit Credit 295,000 Cash Sales Revenue $10,000,000 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 5,050,000 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 2,856,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accounts Receivable 652,000 Accumulated Depreciation-Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain on Sale of Equipment 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation Equipment 90,000 Franchises Common Stock (S5 par) 240,000 Treasury Stock 1,500,000 287,000 Patents 293,000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120,000 Totals $16.179,000 $16,179,000 Instructions Prepare the following sections of the classified balance sheet: a. Current assets (include appropriate financial statement header) b. Long-term debt c. Stockholder's equity (assume net income for the year is S650,000) Bonus: Calculate net income for the year. (Must show work to get credit.) Spring 2020 Page 4 of 6