Question 1 The ABC has prepared its balance sheet and it has been given to you to review Required: Review the balance sheet and prepare the correct one in report form ABC Corporation Balance Sheet For Year Ended December 31, 2020 Current Liabilities: Current Assets: $6.200 Accounts Payable The ABC has prepared its balance sheet and it has been given to you to review Required: Review the balance sheet and prepare the correct one in report form. ABC Corporation Balance Sheet For Year Ended December 31, 2020 Current Assets: Current Liabilities: Cash $ 6,200 Accounts Payable $ 15,000 Accounts Receivable 13,000 Wages Payable 2,000 Inventory 30,000 Accumulated Depreciation Equipment 5,000 Treasury Stock 10,000 Accumulated Depreciation Buildings 10,000 Property, Plant, and Equipment: Buildings 10.000 Property. Plant, and Equipment: Land 7,000 Trademarks 5,000 Buildings Equipment Long-Term Liabilities: Current Taxes Payable Premium on Common Stock Bonds Payable Notes Payable/Long Term 4,000 3,000 45,000 17,000 60,000 10.000 Intangibles: Organization Costs 4,000 Discount on Bonds Payable 2,000 Owners' Equity: Common Stock 31,200 Investments: Retained Earnings 12,000 Long-Term Investment in Allowance for Doubtful Bonds 8,000 Accounts 2.000 Marketable Securities Short-Term 7,000 $154,200 Total Assets $154,200