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The following is o December 31, 2024, post-closing trial balance for Almway Corporation. Additional Information: 1. The investment in equity securities account includes an investment
The following is o December 31, 2024, post-closing trial balance for Almway Corporation. Additional Information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $36,000 which management intends to hold for at least three years. The bolance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $31,000 that the compony hos not used and is currently listed for sale. 3. The cosh sccount includes $21,000 restricted in a fund to poy bonds poysble that mature in 2027 and $29,000 restricted in a three-month Treosury bill. 4. The notes poyable sccount consists of the following: a. $36,000 note due in six months. b. $56,000 note due in six years. c. a $56,000 note due in five annual instellments of $11,200 each, with the next installment due February 15,2025. 5. The $66,000 bolance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 106,000 shares of no par value common stock issued and outstanding. The corporation hes 500,000 shares authorized. Required: Prepare a classified bolance sheet for the Almwoy Corporation at December 31,2024. Note: Amounts to be deducted should be Indicated by a minus sign
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