Problem 5-5 Presented below is the balance sheet of Shamrock Corporation for the current year, 2020. SHAMROCK CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 488,300 Current liabilities Investments 643,300 Long-term liabilities Property, plant, and equipment 1,723,300 Stockholders' equity Intangible assets 305,000 $3,159,900 $ 383,300 1,003,300 1,773,300 $3,159,900 The following information is presented. 1. 2. 3. 4. 5. 6. 7. The current assets section includes cash $153,300, accounts receivable $173,300 less $13,300 for allowance for doubtful accounts, inventories $183,300, and unearned rent revenue $8,300. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. The investments section includes the cash surrender value of a life insurance contract $43,300; investments in common stock, short-term $83,300 and long-term $273,300; and bond sinking fund $243,400. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes buildings $1,043,300 less accumulated depreciation $363,300, equipment $453,300 less accumulated depreciation $183,300, land $503,300, and land held for future use $270,000. Intangible assets include a franchise $168,300, goodwill $103,300, and discount on bonds payable $33,400. Current liabilities include accounts payable $143,300, notes payable-short-term $83,300 and long-term $123,300, and income taxes payable $33,400. Long-term liabilities are composed solely of 7% bonds payable due 2028. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 73,300 shares for $439,800, and common stock, 51.00 par value, authorized 400,000 shares, issued 103,300 shares at an average price of $10. In addition, the corporation has retained earnings of $300,500. 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.) 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.) SHAMROCK CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work Problem 5-5 Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advances to Employees Allowance for Doubtful Accounts Bonds Payable Bond Sinking Fund Buildings Cash Cash Surrender Value of Life Insurance Common Stock Construction in Process Copyrights Debt Investments Dividends Payable Discount on Bonds Payable Equipment Equity Investments Finished Goods Franchises Goodwill Income Tax Payable Income Tax Receivable Interest Payable Interest Receivable Inventory Investments in Common Stock Investments in Stocks and Bonds Land Land Held for Future Use Notes Payable Notes Receivable Noncontrolling Interest Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Patents Payroll Tax Expense Payroll Taxes Payable Pension Liability Pension Obligation Plant Assets Premium on Bonds Payable Preferred Stock Preferred Stock Investments Prepaid Advertising Prepaid Insurance Prepaid Expenses Prepaid Rent Raw Materials Receivables-Officers Rent Pavable Restricted Cash Retained Earnings Salaries and Wages Payable Supplies Timberland Treasury Stock Trademarks Trading Securities Unearned Service Revenue Unearned Rent Revenue Unearned Subscriptions Revenue Withholding Taxes Payable Work-in-Process