Problem 5-4 Presented below is the balance sheet of Concord Corporation as of December 31, 2017. CONCORD CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land $ 121,740 1,640,000 313,840 950,000 171,740 88,740 177,640 Accounts receivable Treasury stack (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) 71,740 139,740 $3,675,180 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained carnings Noncontrolling interest Appreciation capital (Note 1) Income tax payable Reserve for depreciation recorded to date on the building $ 601,740 1,151,740 804,740 56,740 571,740 76,740 411,740 $3,675,180 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 $571,740. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $121,740 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $121,740 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.) Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity.) CONCORD CORPORATION Balance Sheet Assets Assets Allocated to Trustee for Expansion: Liabilities and Stockholders' Equity