The following balance sheet information has been provided for you to review and correct.

Required: Prepare a corrected, properly classified balance sheet in report form.

Butler Corporation

Balance Sheet

For Year Ended December 31

Current Assets: Cash $6,200; Accounts Receivable $13,000; Inventory $30,000; Treasury Stock $10,000.

Property, Plant, and Equipment: Land $7,000; Trademarks $5,000; Buildings $45,000; Equipment $17,000

Intangibles: Patents $4,000; Discount on Bonds Payable $2,000

Investments: Long-Term Investment in Bonds $8,000: Trading Securities Short-Term $7,000

Total Assets = $154,200

Current Liabilities: Accounts Payable $15,000; Wages Payable $2,000; Accumulated Depreciation - Equipment $5,000; Accumulated Depreciation - Buildings $10,000

Long-Term Liabilities: Current Taxes Payable $4,000; Paid-In Capital In Excess of Par-Common Stock $3,000; Bonds Payable $60,000; Notes Payable Long-Term $10,000

Shareholders' Equity: Common Stock $31,200; Retained Earnings $12,000; Allowance for Doubtful Accounts $2,000

Total Liabilities and Shareholders' Equity $154,200