Problems 249 EASTWOOD COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Credit 5 4 1,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance 163,500 5,900 339,000 124,000 $ 8,700 Equity Investments (long-term) Land Construction in Process (building) 36,000 240,000 20,000 Discount on Bonds Payable Accounts Payable Accrued Liabilities Notes Payable Bonds Payable Common Stock 148,000 49,200 94000 200,000 500,000 Paid-in Capital in Excess of Par--Common Stock Retained Earnings 138,000 $1,422,900 $1,422900 Additional information: 1. The LIFO method of inventory value is used. 2 The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance. 4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. 5. Of the discount on bonds payable, $2,000 will be amortized in 2018. 6. The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2018 7. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2028. 8. 600,000 shares of common stock of a par value of $1 were authorized, of which 500,000 shares were issued and outstanding. Phepare a balance sheet as of December 31,2017,so that all important information is fully disclosed