Question 2: Presented below are a number of balance sheet items for Montoya, Inc., for the current year, |2017 Accumulated depreciation - Goodwill $ 125,000 $ 292,000 equipment Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000Common stock, $1 par value 200,000 Notes receivable 445,700 | Preferred stock, $10 par value 150,000 Notes payable (to banks) 265,000 | Prepaid expenses 87,920 Accounts payable 490,000 Equipment 1,470,000 Retained earnings ? Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation-buildings 270.2001 Notes payable (long-term) 1,600,000 Building 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume no receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same