The adjusted trial balance of Larkspur Company and other related information for the year 2020 are presented as follows LARKSPUR COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $ 44,940 167 440 $ 8.800 6,000 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Equity Investments (long-term) Land Construction in Progress (building) 212.440 342,940 88.940 127.940 Patents 36,000 403,940 240.100 20.000 151.940 Equipment Accumulated Depreciation Equipment Discount on Bonds Payable Accounts Payable Accrued abilities Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par Common Stock Retained Earning 53.140 97,940 203,940 503.940 45,000 145.780 $1450.580 $1.450 580 Additional Information The LIFO method of inventory value is used 2. The cost and fair value of the long term investments that consist of stocles with ownership less than 20% of total shares are 1. the same 3. The amount of the Construction in Progress account represents the cost expended to date on building in the processo ROLLAR Additional information 1. The LIFO method of inventory value is used 2. The cast and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same 3. 4. 5. 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 $ 88,940, as shown in the trial balance The patents were purchased by the company at a cost of $ 20,000 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 $ 123.940. These bank loans are due in 2021 The bonds payable bear interest at 9% payable every December 31, and are due January 1, 2031 600,000 shares of common stock of a par value of $I were authorized, of which 503.940 shares were issued and outstanding 6. 7. 8. Preparea 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) LARKSPUR COMPANY Balance Sheet Assets LARKSPUR COMPANY Balance Sheet Assets v end Stockholders Liabilities and Stockholders' Equity 11
