Skysong Company Post-Closing Trial Balance December 31, 2025 Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts $ 43,350 165,850 $ 9,040 Prepaid Insurance 6,240 Inventory 210,850 Equity Investments (long-term) 341,350 Land 87,350 Construction in Process (building) 126,350 Patents 36,000 Equipment 402,350 Accumulated Depreciation-Equipment 240,340 Discount on Bonds Payable 20,000 Accounts Payable 150,350 Accrued Liabilities Notes Payable 51,550 96,350 Bonds Payable 202,350 Common Stock Paid-in Capital in Excess of Par-Common Stock 502,350 45,000 Retained Earnings 142,360 $1,439,690 $1,439,690 Additional information: 1. The LIFO method of inventory value is used. 2. 3. 4. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $87,350, as shown in the trial balance. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. 5. Of the discount on bonds payable, $2,000 will be amortized in 2026. 6. The notes payable represent bank loans that are secured by long-term investments carried at $122,350. These bank loans are due in 2026. 7. The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2036. 8. 600,000 shares of common stock of a par value of $1 were authorized, of which 502,350 shares were issued and outstanding. Prepare a balance sheet as of December 31, 2025, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Construction in Process, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) SKYSONG COMPANY +A $ Balance Sheet Assets $