The following is a December 31, 2021, post-closing trial balance for Almway Corporation Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $ 45,880 110,000 68,000 200,000 9,800 90,000 420,000 $100,000 110,000 60,000 10,000 75,000 130,000 20,000 240,000 300,000 129,000 $1,054,000 $1,054,800 Additional information: 1. The investment in equity securities 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 2024 and $23,000 restricted in a three- month Treasury bill 4 The notes payable account consists of the following: a. a $30,000 note due in six months b. a $50,000 note due in six years ca 550.000 note due in tive annual trestaliments of S10,000 each with the next installment due February 15, 2022 5. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8.000 6. 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 the Almway Corporation at December 31, 2021 (Amounts to be deducted should be indicated by a minus sign Answer is not complete. ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents Investment in equity securities Accounts receivable Less Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance $ 30,000 80,000 >$ 68,000 (8.000) >> 60,000 200.000 9,000 379.000 Total current assets Investments Investment in equity securities 30,000 Investment in equity securities Land held for sale Restricted cash 30,000 25,000 >> 55,000 Total investments Property, plant, and equipment Land Buildings Equipment 65,000 420,000 110,000 595,000 595,000 Less: Accumulated depreciation equipment Net property, plant and equipment Intangible assets. Patent (net) 10,000 Total assets $ 1.039,000 Liabilities and Shareholders' Equity Current liabilities $ Current liabilities Accounts payable Interest payable Notes payable (current maturities of long-term debt) Notes payable (current) 75,000 20,000 10,000 30,000 135,000 Total current liabilities Long-term liabilities Notes payable (long-term) Bonds payable 90,000 240,000 330,000 465,000 Total long-term liabilities Total liabilities Shareholders' equity Common stock Retained earnings SIS 300,000 129.000 Total shareholders' equity Total liabilities and shareholders' equity 429,000 894000 S
