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The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting
The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. 6.000 Cash..............................$ 44,000 Trademark ............. ......... $ 19,000 Patent, net ......................... 14,000 Prepaid insurance (two-thirds is long-term) ..... Accounts receivable (net of allowance) ... 90,000 Copyright, net...... 12,000 Prepaid rent expense (current). ..... 1,000 Equipment (net of accumulated depreciation) ... 300,000 Marketable equity securities (current) ..... 50,000 Notes receivable, trade (short-term). .......... 10,000 Franchise, net......................... 18,000 R&D expense............. 39,000 Rent revenue receivable (current) ..... 3,000 Noncompete agreement. ............. 12,000 Goodwill ........ ..... 60,000 Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020. Include the proper balance sheet classifications with separate captions for current assets; property, plant, and equipment; intangible assets; and other assets. Assume that all required amortization entries have been made
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