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Uhuru (Instructions: Prepare a classified balance sheet.) please complete all instructions Presented are accounts from the post-closing trial balance of Uhuru Company at December 31,

  1. Uhuru (Instructions: Prepare a classified balance sheet.)

please complete all instructions

Presented are accounts from the post-closing trial balance of Uhuru Company at December 31, 2024.

Debit Credit
Cash $ 230,000
Accounts receivable 357,000
Allowance for doubtful accounts $ 17,000
Inventory 401,000
Prepaid expenses 12,000
Available-for-sale securities 140,000
Fair value adjustment available-for-sale securities 20,000
Cash surrender value of life insurance policy 90,000
Land investments 175,000
Buildings 730,000
Accumulated depreciation buildings 160,000
Equipment 265,000
Accumulated depreciation equipment 125,000
Goodwill 80,000
Notes payable 125,000
Accounts payable 135,000
Income tax payable 49,000
Deferred tax asset 5,000
Bonds payable 500,000
Premium on bonds payable 53,000
Pension obligation 82,000
Common stock 290,000
Paid-in capital in excess of par value 160,000
Retained earnings 784,000
Accumulated other comprehensive loss 15,000
Total $ 2,500,000 $ 2,500,000

Additional information:

  1. At year-end, the fair value of available-for-sale securities is $120,000.
  2. At year-end, the net realizable value of inventory is $808,000.
  3. There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding.
  4. The notes payable is due next year.
  5. The bonds payable is due in 3 years.

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