The balance sheet of Swifty Corporation as of December 31, 2020, is as follows. SWIFTY CORPORATION BALANCE SHEET DECEMBER 31, 2020 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 125,040 1,640,000 317,140 950,000 175,040 92,040 180,940 75,040 143,040 $3,698,280 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained earnings Noncontrolling interest Appreciation capital (Note 1) Income tax payable Reserve for depreciation recorded to date on the building $ 605,040 1,155,040 808,040 60,040 575,040 80,040 415,040 $3,698,280 Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $575,040. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,040 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,040 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity.) The balance sheet of Swifty Corporation as of December 31, 2020, is as follows. SWIFTY CORPORATION BALANCE SHEET DECEMBER 31, 2020 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 125,040 1,640,000 317,140 950,000 175,040 92,040 180,940 75,040 143,040 $3,698,280 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained earnings Noncontrolling interest Appreciation capital (Note 1) Income tax payable Reserve for depreciation recorded to date on the building $ 605,040 1,155,040 808,040 60,040 575,040 80,040 415,040 $3,698,280 Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $575,040. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $125,040 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $125,040 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Prepare a corrected classified balance sheet in good form. The notes above are for information only. (List Current Assets in order of liquidity.)
