Required section

Cam The following draft of a balance sheet was prepared for Roslyn Corp., but includes a number of errors in classi- 9,500 a. fication, presentation, and computation Exercise 4-48 Correcting the Presentation of a Classified Balance Sheet LO2 500 000 000 000 900 AD 100 Assets Cash.. Building Equipment Accounts receivable Investments, short-term ....... Inventory Prepaid rent Roslyn Corp Balance Sheet December 31, 2020 Liabilities and Stockholders' Equity $ 120,000 Liabilities Accounts payable $ 200,000 565,000 Note payable 177,000 110,000 Dividends payable 10,000 241.000 Deferred revenue 3,000 Accumulated depreciation 80,000 140,000 Bonds payable 200,000 325,000 Total 670,000 5.000 Stockholders' equity Common stock 475,000 140,000 Retained earnings 555,000 40.000 Accumulated other comprehensive incomo (14,000) Total stockholders'equity 1,016,000 $1,686,000 Total liabilities and sockholders' equity $1,686,000 Investments, long-term Franchise.... Total assets. . . Additional information Note payable includes interest due of $2,000. The note plus interest is due in 6 months. Net accounts receivable of $241,000 consists of accounts receivable of $257,000 minus an allowance for doubtful accounts of $16,000. Common stock includes $175,000 attributed to additional paid-in capital. Included in the cash balance is $20,000 of cash restricted for 9 months due to a debt covenant Required Prepare a corrected classified balance sheet for Roslyn Corp. on December 31, 2020. . 3 The follo