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 Investment in equity securities Accounts receivable. Inventory Debits $ 73,000 Credits 138,000 74,000 214,000 Prepaid insurance (for the next 9 months) 5,000 ces Land 118,000 Buildings 434,000 Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock. Retained earnings Totals S 114,000 124,000 74,000 24,000 103,000 172.000 34,000 254,000 342,000 111,000 S $ 1,204,000 1,204,000 Book Print ferences Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $44,000 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 $39,000 that the company has not used and is currently listed for sale. 3. The cash account includes $29,000 restricted in a fund to pay bonds payable that mature in 2027 and $37,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $44,000 note due in six months. b. a $64,000 note due in six years. c. a $64,000 note due in five annual installments of $12.800 each, with the next installment due February 15, 2025. 5. The $74,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 114,000 shares of no par value common stock issued and outstanding. The corporation has 700,000 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. AL MOMAY CORPORATION ALMWAY CORPORATION Balance Sheet At December 31, 2024 Assets Current assets: Cash Restricted cash Investment in equity securities Accounts payable Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance Total current assets Investments: Investment in equity securities Land held for sale $ 73,000 0 73,000 Total investments Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation - buildings Less: Accumulated depreciation - equipment Net property, plant, and equipment Intangible assets: Patent (net) 0 Other assets: Restricted cash 0 0 Total assets $ 73,000 Liabilities and Shareholders' Equity Current ishilition 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 (long-term) Bonds payable Total long-term liabilities Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 0 $ 0