Problem $(30$ points$)$

The following classified balance sheet was prepared by a sophomore student who is a dual accounting and finance major. Given your training in Intermediate Accounting. you have been asked to fix the balance sheet based on the information given.

Gravely Sales and Service, Inc.

Balance Sheet

For the Year Ended December $31,20$XI

$\backslash$table$[[$Assets:$,$For the$],[$Cash$,92,500],[$Accounts Receivable,$150,400],[$Inventory$,230,100],[$Trading Securities,$115,000],[$Pension Assets,$120,000],[$Total Current Assets,$708,000]]$

$\backslash$table$[[$Property$.$ Plant, and Equipment,$235,000],[$Deferred Tax Assets,$114,000],[$Long$-$term Investments,$240,000],[$Total Assets,$1,297,000$