Problem 5-3 The adjusted trial balance of Blue Company and other related information for the year 2020 are presented as follows. Credit $ 8,890 BLUE COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $ 45,510 Accounts Receivable 168,010 Allowance for Doubtful Accounts Prepaid Insurance 6,090 Inventory 213,010 Equity Investments (long-term) 343,510 Land 89,510 Construction in Progress (building) 128,510 Patents 36,000 Equipment 404,510 Accumulated Depreciation Equipment Discount on Bonds Payable 20,000 Accounts Payable Accrued Liabilities Notes Payable Bonds Payable Common Stock Pald-in Capital in Excess of Par-Common Stock Retained Earnings $1,454,660 240,190 152,510 53,710 98,510 204,510 504,510 45,000 146,830 $1,454,660 Additional information: 1. 2. 3. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the s The amount of the construction in Progress account represents the costs expended to date on a building in the process of construct building is being constructed cost $89,510, as shown in the trial balance. hu the remnany at a cost of $40,000 and are being amortized on a straight-line basis. Additional information: 1. 2. 3. 4. 5. 6. 7. 8. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. The company rents fac building is being constructed cost $89.510, as shown in the trial balance The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight line basis Of the discount on bonds payable, $2,000 will be amortized in 2021. The notes payable represent bank loans that are secured by long-term investments carried at $124,510. These bank loans are due in 2021. The bonds payable bear interest at 9% payable every December 31, and are due anuary 1, 2031 600,000 shares of common stock of a par value of $1 were authorized, of which 504,510 shares were issued and outstanding and Equip Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed (list Current Assets in ander of liquidity List Property Equipment. Enter account mane only and do not provide the descriptive information provided in the question.) BLUE COMPANY 112019 be here to search DELL U HERSystem Announcements BLUE COMPANY Balance Sheet Assets nities and stockholders here to search DOLL Llabilities and Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work