Question 2 Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017. Goodwill $127,700 Accumulated Depreciation-Equipment $ 292,160 242,500 47,700 101,062 482,700 202,700 152,700 90,620 1,472,700 123,700 270,360 1,642,700 Payroll Taxes Payable Bonds payable Discount on bonds payable Cash 180,291 Inventory 302,700 Rent payable (short-term) 15,160 362,700 482,700 448,400 267,700 492,700 ? Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable 100,330 Accumulated Depreciation-Buildings 1,602,700 Buildings Notes payable (long-term) Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.) TEAL, INC. Balance Sheet Assets