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The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 75,000 Investments 140,000 Accounts receivable 75,000

The following is a December 31, 2018, post-closing trial balance for Almway Corporation.

Account Title Debits Credits
Cash $ 75,000
Investments 140,000
Accounts receivable 75,000
Inventories 215,000
Prepaid insurance (for the next 9 months) 7,000
Land 120,000
Buildings 435,000
Accumulated depreciationbuildings $ 115,000
Equipment 125,000
Accumulated depreciationequipment 75,000
Patents (net of amortization) 25,000
Accounts payable 105,000
Notes payable 175,000
Interest payable 35,000
Bonds Payable 255,000
Common stock 345,000
Retained earnings 112,000
Totals $ 1,217,000 $ 1,217,000

Additional information:

  1. The investment account includes an investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale.
  3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2021 and $38,000 set aside in a three-month Treasury bill.
  4. The notes payable account consists of the following:
  1. a $45,000 note due in six months.
  2. a $65,000 note due in six years.
  3. a $65,000 note due in five annual installments of $13,000 each, with the next installment due February 15, 2019.
  1. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000.
  2. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized.

Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2018.

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