Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the curent year, 2017 CULVER CORPORATION BAI ANCE SHFT DECEMBER 31, 2017 Current assets 488,570 Current liabilities 643,570 Long-tenm liabilities S 383,570 1,003,570 1,773,570 $3,160,710 Property, plant, and equipment Intangible assets 1,723,570 Stockholders' equity 3,160,710 The following information is presented. 1. The current assets section includes cash $153,570, accounts recelvable $173,570 less $13,570 for allowance for doubtful accounts, inventories $183,570, and unearned rent revenue $8,570. Inventory is stated on the lower-of-FIFO- 2. The investments section includes the cash surrender value of a life insurance contract $43,570; Investments in common stock, short-term S83,570 and long-term $273,570; and bond sinking fund $242,850. The cost and fair value of cost-or-market investments in common stock are the same. 3. Property, plant, and equipment Includes buildings $1,043,570 less accumulated depreciation $363,570, equipment $453,570 less accumulated depreciation $183,570, land $503,570, and land held for future use $270,000. 4. Intangible asscts include a franchisc $168,570, goodwill $103,570, and discount on bonds payable $32,860. 5. Current liabilities indude accounts payable 5143,570, notes payable-short-term 583,570 and long-term 123,570, and income taxes payable 532.860. G. Long-term liabilities are composed solely of 7% bonds payable due 2025. 7. Stockholders' equity has preferred stock, no par valuc, authorized 200,000 shares, issued 73,570 shares for $441,420, and commcn stock, $1.00 par value, authorized 400,000 sharcs, issued 103,570 shares at an average pricc of $10. In addition, the corporation has retained earnings of $296,150. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (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 intormation provided in the question.)