[The following information applies to the questions displayed below.] Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at December 31, current year: cash, $62,500; accounts receivable, $76,000; merchandise inventory, $164,000; prepaid insurance, $2,000; investment in stock of Z Corporation (long-term), $41,000; store equipment, $77,000; used store equipment held for disposal, $11,000; accumulated depreciation, store equipment, $20,000; accounts payable, $57,500; long-term note payable, $47,000; income taxes payable, $14,000; retained earnings, $174,000; and common stock, 110,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). P5-1 Part 1 Required: 1. Based on these data, prepare a December 31, current year, balance sheet. Note: Amounts to be deducted should be indicated by a minus sign.