Strathmore Syndicate finished its first year of operations in 2020. Balance sheet information at December 31, 2020 is presented below. Machinery: cost, $2,835,000; fair value, $1,984,000; accumulated depreciation, S682,000 Accounts payable: $463,200 Copyrights: $286,000 Common stock: $2,500,000: $0.50 par; 5,000,000 shares authorized and issued, 4,800,000 shares outstanding Inventory: cost, $462,000; net realizable value, $418,600 Cash and cash equivalents: $222,500 Bonds payable maturing in 2035: face value, $30,000,000; fair value, $32,866,000: balance of discount on bonds payable. $4.693,000 Retained earnings: $6,957,200 Accounts receivable: gross, $193,000; allowance for doubtful accounts, $12,300 Income tax payable: $137,500 Paid-in capital in excess of par value: $14,500,000 Unearned revenues: $983,000 Debt securities: Amortized cost Fair value Trading $ 1,433,900 $ 1,217,000 Available-for-sale 50,480,000 43,600,000 Held-to-maturity 5,000,000 4,600,000 AFS securities consist of stocks and bonds maturing from 2022 to 2023 HTM securities consists of bonds maturing in 2025 Deferred income tax asset/liability: $1,720.000 Supplies: $84,700 Accumulated other comprehensive income/loss: $5,160,000 Notes receivable: face value, $769,400, due in 2021 Notes payable: face value, $10,800,000: payable in ten annual installments of $1,080.000 starting in 2021 Treasury stock: $836,000, 200,000 shares . . Instructions: Prepare Strathmore Syndicate's balance sheet in accordance with GAAP. Strathmore Syndicate finished its first year of operations in 2020. Balance sheet information at December 31, 2020 is presented below. Machinery: cost, $2,835,000; fair value, $1,984,000; accumulated depreciation, S682,000 Accounts payable: $463,200 Copyrights: $286,000 Common stock: $2,500,000: $0.50 par; 5,000,000 shares authorized and issued, 4,800,000 shares outstanding Inventory: cost, $462,000; net realizable value, $418,600 Cash and cash equivalents: $222,500 Bonds payable maturing in 2035: face value, $30,000,000; fair value, $32,866,000: balance of discount on bonds payable. $4.693,000 Retained earnings: $6,957,200 Accounts receivable: gross, $193,000; allowance for doubtful accounts, $12,300 Income tax payable: $137,500 Paid-in capital in excess of par value: $14,500,000 Unearned revenues: $983,000 Debt securities: Amortized cost Fair value Trading $ 1,433,900 $ 1,217,000 Available-for-sale 50,480,000 43,600,000 Held-to-maturity 5,000,000 4,600,000 AFS securities consist of stocks and bonds maturing from 2022 to 2023 HTM securities consists of bonds maturing in 2025 Deferred income tax asset/liability: $1,720.000 Supplies: $84,700 Accumulated other comprehensive income/loss: $5,160,000 Notes receivable: face value, $769,400, due in 2021 Notes payable: face value, $10,800,000: payable in ten annual installments of $1,080.000 starting in 2021 Treasury stock: $836,000, 200,000 shares . . Instructions: Prepare Strathmore Syndicate's balance sheet in accordance with GAAP
