You have been asked to assist the chief accountant of the Stephen King Corporation in the preparation of a balance sheet. Presented below is the balance sheet of Stephen King Corporation for the current year 2011.

Stephen King Corporation

Balance Sheet

Dec 31,2011

Current assets $435000

Investments $640000

Property, plant, and equipment $1720000

Intangiable assets $305000

total assets $3100000

Current Liabilities $330000

Long-term liabilities $1000000

Stockholders' equity $1770000

total liabilities and stockh equity 3100000

consider the following information:

1-The current assets section includes: cash $100000, accts receivable $170000 less $ 10000 for allowance for doubtful accts, inventories $180000, and unearned revenue $5000. The cash balance is composed of $ 114000, less a bank overdraft of $ 14000. Inventorie are stated on the loweer of the FIFO cost or market.

2- The investments section includes: The cash surrender value of life insurance contract $40000; investment in common stock, short-term (tradind) $80000 and long-term (available-for-sale) $270000; and bond sinking fund $250000. The cost and fair value of investments in common stock are the same.

3- Property, plant, and equipment includes: buildings $1040000 less accumulated depreciation $360000; equipment $450000 less accumulated depreciation $180000; land $500000; and land held for future use $270000.

4-Intangible assets include : a franchise $165000; goodwill $100000; and discount on bonds payable $40000

5- Current liabilities include: accts payable $90000; notes payable-short term $80000 and long-term $120000; and taxes payable $40000

6- Long-term liabilities are compose solely of 10% bonds payable due in 2020

7-stockholders' equity has : preferred stock, no par value, authorized 200000 share, issued 70000 shares for $450000; and comon stock, $1.00 par value, authorized 400000 shares, issued 100000 shares at an average price of $10. In addition the corporation has retained earnings of 320000.

The company's management does not elect to use the fair valueoption for any of its financial assets or liabilities.

- Prepare a classified balance sheet