The following information is for Galileo Corporation as of December 31, 2017.

Restricted Cash for Retirement of long- term debt		$24,000		Additional Paid-in Capital		$55,000
Equipment (cost)		112,000		Accounts Receivable		72,000
Inventory (work in process)		14,000		Inventory (raw materials)		60,000
Cash (unrestricted)		22,000		Supplies Expense		17,000
Inventory (finished goods)		33,000		Cost of Goods Sold		405,000
Equity Investments (cost)		9,000		Allowance for Doubtful Accounts		3,000
Customer Advances		12,000		Licenses		7,000
Unearned Service Revenue		36,000		Notes Receivable		20,000
				Treasury Stock		13,000

The following additional information is available.

1.		Inventories are valued at lower-of-cost-or-market using FIFO.
2.		Treasury stock is recorded at cost.
3.		Licenses are recorded net of accumulated amortization of $6,500.
4.		Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $38,250.
5.		The equity investments have a fair value of $8,200. (Assume they are trading securities.)
6.		The allowance for doubtful accounts applies to the accounts receivable.
7.		The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 7%. (Hint: Accrued interest due on December 31, 2017.)

Prepare the current assets section of Galileo Corporations balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)

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Galileo Corporation
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