The adjusted trial balance of Crane Company and other related information for the year 2020 are presented as follows. Credit $ 8,990 CRANE COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $ 42,410 Accounts Receivable 164,910 Allowance for Doubtful Accounts Prepaid Insurance 6,190 Inventory 209,910 Equity Investments (long-term) 340,410 Land 86,410 Construction in Progress (building) 125,410 Patents 36.000 Equipment 401,410 Accumulated Depreciation-Equipment Discount on Bonds Payable 20,000 Accounts Payable Accrued Liabilities Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,433,060 240,290 149,410 50,610 95,410 201,410 501,410 45,000 140,530 $1,433,060 Additional information: 1. 2. 3. 4. 5. The LIFO method of inventory value is used. 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 $86,410, 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. Of the discount on bonds payable, $2,000 will be amortized in 2021. The notes payable represent bank loans that are secured by long-term investments carried at $121,410. These bank loans are due in 2021. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2031. 600,000 shares of common stock of a par value of $1 were authorized, of which 501,410 shares were issued and outstanding 6. 7. 8. Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) CRANE COMPANY Balance Sheet Assets $ $ Liabilities and Stockholders' Equity