Problem 54 Presented below is the balance sheet of Cheyenne Corporation as of December 31, 2017 CHEYENNE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion 124,920 1,640,000 317,020 950,000 174,920 91,920 180,820 Cash in bank 74,920 142,920 $3,697,440 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained earnings Noncontrolling interest Appreciation capital (Note 1) Income tax pay Reserve for depreciation recorded to date on the building 604,920 1,154,920 807,920 S9,920 S74,920 79,920 414,920 $3,697,440 able Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $574,920. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $124,920 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $124,920 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000 Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity.)