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The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title Debits Credits Cash $ 45,000 Investments 110,000 Accounts receivable

The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. .

Account Title

Debits

Credits

Cash

$

45,000

Investments

110,000

Accounts receivable

60,000

Inventories

200,000

Prepaid insurance (for the next 9 months)

9,000

Land

90,000

Buildings

420,000

Accumulated depreciationbuildings

$

100,000

Equipment

110,000

Accumulated depreciationequipment

60,000

Patents (net of amortization)

10,000

Accounts payable

75,000

Notes payable

130,000

Interest payable

20,000

Bonds Payable

240,000

Common stock

300,000

Retained earnings

129,000

Totals

$

1,054,000

$

1,054,000

Additional information:

  1. The investment account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
  2. The land account includes land which cost $25,000 that the company has not used and is currently listed for sale.
  3. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2021 and $23,000 restricted in a three-month Treasury bill.
  4. The notes payable account consists of the following:
  1. a $30,000 note due in six months.
  2. a $50,000 note due in six years.
  3. a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2019.
  1. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
  2. The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized.

Required: Prepare a classified balance sheet for Georgetown as of December 31, 2018.

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