Problem 5 - Balance Sheet adjustment and preparation (40 Points) Presented below is the balance sheet of Belize Telemedia Limited for the year ended 31 Deccmber 2022. The following information is presented: 1. The current assets section includes: cash $250,000, accounts receivable $335,000 less $113,500 for allowance for doubtful accounts, inventorics $514,000, and uncarned revenue $63,850. Inventories are stated on the lower-of-average-cost-or- market. 2. The investments section includes: the cash surrender value of a life insurance contract $165,000; investments in common stock, short-term (trading) $106,000 and long-term (available-for-salc) $87,900; and bond sinking fund $115,000. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes: buildings $1,550,000 less accumulated depreciation $569,000; equipment $750,630 less accumulated depreciation $450,630; land $750,000; and land held for future use $395,000. 4. Intangible assets include: a patent $235,000; goodwill $194,500; and discount on bonds payable $150,000. 5. Current liabilities include: accounts payable $498,600; notes payable - short-term $285,750 and long-term $375,000; and taxes payable $54,500. 6. Long-term liabilities are composed solely of 5% bonds payable due 2031 . 7. Stockholders' equity has: preferred stock, $100 par value, authorized 100,000 shares, issued 6,000 shares for $600,000; and common stock, $1.00 par value, authorized 1,000,000 shares, issued 300,000 shares at an average price of $2.50. In addition, the corporation has retained earnings of $337,200. Instructions: Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above