Problem 5 3 The adjusted trial balance of Ivanhoe Company and other related information for the year 2017 are presented as follows IVANHOE COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Credit Cash $ 43,940 Accounts Receivable 166,440 Allowance for Doubtful Accounts $ 8,930 Prepaid Insurance 6,130 Inventory 211,440 Equity Investments (long term) 341,940 Land 87,940 Construction in Progress (building) 126,940 Patents 36,000 Equipment 402,940 Accumulated Depreciation Equipment 240,230 Discount on Bonds Payable 20,000 Accounts Payable 150,940 Accrued Liabilities 52,140 Notes Payable 96,940 Bonds Payable 202,940 Common Stock 502,940 Paid in Capital in Excess of Par Common Stock 45,000 Retained Earnings 143,650 $1,443,710 $1,443,710 Additional information 1 The LIFO method of inventory value is used 2 The cost and fair value of the long term investments that consist of stocks and bonds is the same 3 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 $87,940, as shown in the trial balance 4 The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight line basis 5 Of the discount on bonds payable, $2,000 will be amortized in 2018 6 The notes payable represent bank loans that are secured by long term investments carried at $122,940 These bank loans are due in 2018 7 The bonds payable bear interest at 7 payable every December 31, and are due January 1, 2028 8 600,000 shares of common stock of a par value of $1 were authorized, of which 502,940 shares were issued and outstanding 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 )

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Problem 5-3 The adjusted trial balance of Ivanhoe Company and other related information for the year 2017 are presented as follows. IVANHOE COMPANY ADJUSTED TRIAL

Problem 5-3

The adjusted trial balance of Ivanhoe Company and other related information for the year 2017 are presented as follows.

IVANHOE COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017
	Debit	Credit
Cash	$ 43,940
Accounts Receivable	166,440
Allowance for Doubtful Accounts		$ 8,930
Prepaid Insurance	6,130
Inventory	211,440
Equity Investments (long-term)	341,940
Land	87,940
Construction in Progress (building)	126,940
Patents	36,000
Equipment	402,940
Accumulated Depreciation-Equipment		240,230
Discount on Bonds Payable	20,000
Accounts Payable		150,940
Accrued Liabilities		52,140
Notes Payable		96,940
Bonds Payable		202,940
Common Stock		502,940
Paid-in Capital in Excess of Par-Common Stock		45,000
Retained Earnings		143,650
	$1,443,710	$1,443,710

Additional information:

1.		The LIFO method of inventory value is used.
2.		The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3.		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 $87,940, as shown in the trial balance.
4.		The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5.		Of the discount on bonds payable, $2,000 will be amortized in 2018.
6.		The notes payable represent bank loans that are secured by long-term investments carried at $122,940. These bank loans are due in 2018.
7.		The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2028.
8.		600,000 shares of common stock of a par value of $1 were authorized, of which 502,940 shares were issued and outstanding.

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.)