Required information P5-1 (Algo) Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 [The following information applies to the questions displayed below.] Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at December 31 , current year: cash, $65,200; accounts receivable, $79,000; merchandise inventory, $170,000; prepaid insurance, $2,300; investment in stock of Z Corporation (long-term), \$44,000; store equipment, \$83,000; used store equipment held for disposal, \$12,200; accumulated depreciation, store equipment, $20,600; accounts payable, $60,500; long-term note payable, $50,000; income taxes payable, $17,000; retained earnings, $180,000; and common stock, 116,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). P5-1 Part 1 Required: 1. Based on these data, prepare a December 31, current year, balance sheet. Note: Amounts to be deducted should be indicated by a minus sign