The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Short-term investments Debits Cash 91,000 206,000 Accounts receivable 147,000 Long-term investments 47,000 Inventory 227,000 Receivables from employees 52,000 Prepaid expenses (for 28,000 2022) Land 292,000 Building 1,670,000 Credits Equipment 649,000 Patent (net) 164,000 Franchise (net) 52,000 Notes receivable 310,000 Interest receivable 24,000 Accumulated depreciation- 632,000 building Accumulated depreciation- equipment 222,000 Accounts payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for 201,000 Dividends payable (payable 22,000 28,000 52,000 72,000 324,000 uncollectible accounts Common stock Retained earnings Totals 20,000 2,048,000 338,000 3,959,000 3,959,000 Additional information: 1. The common stock represents 1.1 million shares of no par stock authorized, 620,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $62,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of securities that the company plans to sell in 2022 and $62,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year. 5. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $112,000 due on January 15, 2023, and another for $212,000 due on June 30, 2024. VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity