progress Presented below is the balance sheet of Larkspur Corporation for the current year, 2020. LARKSPUR CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 486.290 Current liabilities Investments 641.290 Long-term liabilities Property, plant, and equipment 1.721.290 Stockholders' equity Intangible assets 305,000 $3,153,870 $ 381,290 1,001,290 1,771,290 $3,153,870 1. 2. The following information is presented. The current assets section includes cash $151,290, accounts receivable $171.290 less $11.290 for allowance for doubtful accounts, inventories $181,290, and unearned rent revenue $6.290. 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 $41,290, investments in common stock, short-term $81,290 and long-term $271,290, and bond sinking fund $247,420. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes buildings $1,041,290 less accumulated depreciation $361.290, equipment $451,290 less accumulated depreciation $181.290, land $501.290, and land held for future use $270,000. Intangible assets include a franchise $166,290, goodwill $101.290, and discount on bonds payable $37.420 Current liabilities include accounts payable $141.290, notes payable-short-term $81.290 and long-term $121.290, and income taxes payable $37,420. 6. Long-term liabilities are composed solely of 7% bonds payable due 2028. 7. Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 71.290 shares for $427,740, and common stock, $1.00 par value, authorized 400,000 shares, issued 101.290 shares at an average price of $10. In addition, the corporation has retained earnings of $330,650. 3 4. 5. 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.) MacRool Dre uestion 3 of 7 - /20 Equipment. Enter account name only and do not provide the descriptive information provided in the question.) LARKSPUR CORPORATION Balance Sheet Assets $ $ & Liabilities and Stockholders' Equity . $ $ MacBook Pro $ eTextbook and Media List of Accounts $ $ : : $ eTextbook and Media List of Accounts