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The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 75,000 Short-term investments

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation.

Account Title Debits Credits
Cash 75,000
Short-term investments 190,000
Accounts receivable 131,000
Long-term investments 39,000
Inventories 219,000
Loans to employees 44,000
Prepaid expenses (for 2019) 20,000
Land 284,000
Building 1,590,000
Machinery and equipment 641,000
Patent 156,000
Franchise 44,000
Note receivable 270,000
Interest receivable 16,000
Accumulated depreciationbuilding 624,000
Accumulated depreciationequipment 214,000
Accounts payable 193,000
Dividends payable (payable on 1/16/19) 14,000
Interest payable 20,000
Taxes payable 44,000
Deferred revenue 64,000
Notes payable 308,000
Allowance for uncollectible accounts 12,000
Common stock 2,016,000
Retained earnings 210,000
Totals 3,719,000 3,719,000

Additional information:

  1. The common stock represents 1.4 million shares of no par stock authorized, 540,000 shares issued and outstanding.
  2. The loans to employees are due on June 30, 2019.
  3. The note receivable is due in installments of $54,000, payable on each September 30. Interest is payable annually.
  4. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $54,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.
  5. Deferred revenue represents customer payments for extended service contracts. Seventy five percent of these contracts expire in 2019, the remainder in 2020.
  6. Notes payable consists of two notes, one for $104,000 due on January 15, 2020, and another for $204,000 due on June 30, 2021.

Required: Prepare a classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

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