Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the curent year, 2017 BRAMBLE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets s 384,990 1,004,990 1,774,990 $3,164,970 489,990 Current Eabilities 644,990 Long-term Investments Property, plant, and aquipment490 Stockholders" Intangible assts 305 abilities equity $3,164,970 The following information is presented. 1. The current assets section includes cas $154,990 accounts receivable 174,990 less14,990 for allowance for doubtful accounts, inventories $184,990, and unearned rent revenue $9 990 Inventory is stated on the lower of FIF cost or market. 2. The investments section includes the cash surrender value of a life insurance contract $44,990; investments in common stock, short-term S84,990 and long-term $274,990; and bond sinking fund $240,020. The cost and fair value of investments in common stock are the same. 3. Property, plant and equipment includes buildings $1,044,990 less accumulated deprec at n $364,990, equipment $454 990 less accumulated depreciation184,990 land $504,990, and land held for future use $270,000 4. Intangible assets include a franchise $169,990, goodwill $104,990, and discount on bonds payable $30,020 5. Current liabilities include accounts payable144,990, notes payable-short-term 84,990 and long-term s 124,990, and income taxes payable $30,020. 6. Long-term liabilities are composed solely of 7% bonds payable due 2025. 7. Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 74,990 shares for $449,940, and common stock, $1.00 par value, authorized 400,000 shares, ssued 104,990 shares at an average price of $10. In addition, the corporation has retained eamings of $275,150 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 information provided in the question.)