Question 2 O pts Presented below is the trial balance of Norton Corporation at December 31, 2019 Debit Credit Cash 199,560 Debt Investments (trading) (at cost, $145,000) 156,320 Debt Investments (long-term) 301,560 Equity Investments (short-term) 279.560 Notes Payable (short-term) 93,320 Accounts Payable 458,320 Land 263,320 Buildings 1,042,560 Dividends Payable 138,560 Accrued Liabilities 99.320 263,320 Land Buildings 1,042,560 Dividends Payable 138,560 Accrued Liabilities 99,320 Accounts Receivable 438,320 152,000 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts 28,320 Inventory 599,560 Notes Payable (long-term) 902,560 Equipment 603,320 Bonds Payable 1,002,560 Accumulated Depreciation Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,003,320 603,320 Equipment Bonds Payable 1,002,560 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,003,320 Treasury Stock 194,320 Patents 195,000 Retained Earnings 412,560 Paid-in Capital in Excess of Par 82,560 Total 4,433,400 4,433,400 Required: a) Prepare the Current Asset section of the balance sheet for Norton Corporation at December 31. 2019. Your answer should include ALL current asset items that are listed by liquidity order (as we learned in class: the most liquid item is presented first). Then compute total current assets of the form at 12/31/2019? b) Compute total non-current assets (long-term assets) of the firm at 12/31/2019, show your calculation? Required: a) Prepare the Current-Asset section of the balance sheet for Norton Corporation at December 31, 2019. Your answer should include ALL current asset items that are listed by liquidity order (as we learned in class: the most liquid item is presented first). Then compute total current assets of the firm at 12/31/2019? b) Compute total non-current assets (long-term assets) of the firm at 12/31/2019, show your calculation? c) Compute total long-term liabilities of the firm at 12/31/2019, show your calculation? d) Compute total assets, show your calculation? e) List ALL asset accounts, if the account is a contra account, you must state so. f) List ALL liabilities accounts, if the account is a contra account, you must state so. B) List ALL equity accounts, if the account is a contra account, you must state so. HTML'Editor BIA - A. IE3 X X EE DP NVR GODT 11 12pt Paragraph