Selected account Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit $60,000 Cash Short-Term Marketable Securities Accounts Receivable 25,000 16,000 Inventories 48,000 10,000 Other Current Assets Land 100,000 45,000 Equipment Accumulated Depreciation Equipment Goodwill $5,000 30,000 Other Intangible Assets 17,000 Prepare the assets section of the company's balance sheet. Phipps Corporation Balance Sheet December 31 Assets Current Assets Cash 60.000 Short-Term Marketable Securities 25.000 Accounts Receivable Inventories 16,000 Other Current Assets 48.000 10.000 Total Current Assets Property. Plant, and Equipment, Net 159.000 140.000 Goodwill Other intangible Assets 30.000 17.000 X The set section of the balance sheet includes specific classifications of assets. This includes current assets; proper