Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Debits $ 53,000 Credits Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land 118,000 64,000 204,000 8,000 98,000 Buildings 424,000 Accumulated depreciation-buildings $ 104,000 Equipment Accumulated depreciation-equipment 114,000 64,000 Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock 14,000 83,000 142,000 24,000 244,000 312,000 124,000 Retained earnings Totals Additional information: $ 1,097,000 $ 1,097,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $34,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $29,000 that the company has not used and is currently listed for sale. 3. The cash account includes $19,000 restricted in a fund to pay bonds payable that mature in 2027 and $27,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $34,000 note due in six months. b. a $54,000 note due in six years. c. a $54,000 note due in five annual installments of $10,800 each, with the next installment due February 15, 2025. 5. The $64,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. 6. The common stock account represents 104,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash ALMWAY CORPORATION Balance Sheet At December 31, 2024 Assets Accounts receivable Allowance for uncollectible accounts Investment in equity securities Inventory Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Land Buildings Depreciation expense Equipment Less: Accumulated depreciation - buildings Net property, plant, and equipment Intangible assets: Patent (net) Other assets: Total assets 0 69 $ 0 0 0 0 0 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Notes payable (current) Notes payable (current maturities of long-term debt) Total current liabilities Long-term liabilities: Notes payable (current) Bonds payable Total long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 69 0 0 0 0 0