Problem 2 Balance Sheet The following balance sheet was prepared by the bookkeeper for Golden Bear Catering as of December 31, 2018 Golden Bear Catering Balance Sheet as of December 31, 2018 Cash 78,000 Accounts payable 72,000 150,000 Accounts receivable (net) 43,700 Long-term liabilities Inventory 57,000 318,950 Stockholders' equity Investments 54,250 Land 125,000 Equipment (net) 145,000 Patents 38,000 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy $8,750, and a bank overdraft of $750 has been deducted. 2. The net accounts receivable balance includes: (a) accounts receivable debit balances $50,000; (b) accounts receivable-credit balances $2,800; (c) allowance for doubtful accounts $3,500. 3. Inventory includes goods received for consignment from Grizzly Company costing $6,000 to be sold by Golden Bear. Accounts payable of $6,000 was recorded when Golden Bear received these goods. 4. Investments include investments in common stock, trading $25,000 and available-for-sale $22,000, and patents $7,250. 5. Equipment costing $15,000 with accumulated depreciation $12,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $48,000 6. The company issued 40,000 shares of 2 par value common stock for a total price of $120,000. $12,000 of the stockholder's equity balance is due to accumulated unrealized loss and the remaining is retained earnings. Golden Bear was authorized to issue 500,000 shares Instructions Prepare a balance sheet in good form