View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 59,000 94,300 258,100 42,700 43,400 36,900 45,400 55,600 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,150,000 43,600 156,450 199,390 62,150 12,250 19.190 94,870 20,560 The following additional information is available. 1. 2. 3. 4. Inventories are valued at lower-of-cost-or-market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,143. The short-term investments have a fair value of $29,510. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $53,300 are pledged as collateral on a bank loan. Licenses are recorded net of accumulated amortization of $14,380. Treasury stock is recorded at cost. 5. 6. 7. Prepare the current assets section of Pearl Company's December 31, 2020, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) PEARL COMPANY Balance Sheet (Partial) December 31, 2020 Current Assets Cash $ 9 v: : $