Problem 5-3 The adjusted trial balance of Culver Company and other related information for the year 2017 are presented as follows. Credit $ 9.080 CULVER COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Cash $ 42,250 Accounts Receivable 154,750 Allowance for Doubtful Accounts Prepaid Insurance 6,280 Inventory 209,750 Equity Investments (long-term) 340,250 Land 86,250 Construction in Progress (building) 125,250 Patents 36,000 Equipment 401,250 Accumulated Depreciation Equipment Discount on Bonds Payable 20,000 Accounts Payable Accrued Liabilities Notes Payable Bonds Payable Common Stock Paid in Capital in Excess of Par-Common Stock 240,380 149,250 50,450 95,250 201,250 501,250 45,000 140,120 51,432,030 Retained Earnings $1,432,030 Additional information: 1. 2. 3. 4. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks and bonds is 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 factory space at the present time.) The land on which the building is being constructed cost $86,250, 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 2018. The notes payable represent bank loans that are secured by long-term investments carried at $121,250. These bank loans are due in 2018 The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2028 S. 6. 7. Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question CULVER COMPANY Balance Sheet Cost of Uncompleted Plant Facilities Liabilities and Stockholders' Equity