Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2009. The client provides you with the information below.

ALMADEN CORPORATION BALANCE SHEET DECEMBER 31, 2014
Assets				Liabilities
Current assets		$1,886,200		Current liabilities		$968,990
Other assets		5,187,616		Long-term liabilities		1,475,840
				Capital		4,628,986
		$7,073,816				$7,073,816

An analysis of current assets discloses the following.
Cash (restricted in the amount of $301,080 for plant expansion)		$572,590
Investments in land		185,790
Accounts receivable less allowance of $30,210		482,660
Inventories (LIFO flow assumption)		645,160
		$1,886,200
Other assets include:
Prepaid expenses		$62,730
Plant and equipment less accumulated depreciation of $1,437,300		4,138,000
Cash surrender value of life insurance policy		85,850
Unamortized bond discount		38,396
Notes receivable (short-term)		163,810
Goodwill		252,160
Land		446,670
		$5,187,616
Current liabilities include:
Accounts payable		$512,470
Notes payable (due 2017)		158,280
Estimated income taxes payable		146,780
Premium on common stock		151,460
		$968,990
Long-term liabilities include:
Unearned revenue		$491,420
Dividends payable (cash)		200,820
8% bonds payable (due May 1, 2019)		783,600
		$1,475,840
Capital includes:
Retained earnings		$2,786,286
Capital stock, par value $10; authorized 200,000 shares, 184,270 shares issued		1,842,700
		$4,628,986

The supplementary information below is also provided.

1.		On May 1, 2014, the corporation issued at 95.1, $783,600 of bonds to finance plant expansion. The long-term bond agreement provided for the annual payment of interest every May 1. The existing plant was pledged as security for the loan. Use the straight-line method for discount amortization.
2.		The bookkeeper made the following mistakes.
		(a)	In 2012, the ending inventory was overstated by $183,170. The ending inventories for 2013 and 2014 were correctly computed.
		(b)	In 2014, accrued wages in the amount of $226,010 were omitted from the balance sheet, and these expenses were not charged on the income statement.
		(c)	In 2014, a gain of $177,160 (net of tax) on the sale of certain plant assets was credited directly to retained earnings.
3.		A major competitor has introduced a line of products that will compete directly with Almadens primary line, now being produced in a specially designed new plant. Because of manufacturing innovations, the competitors line will be of comparable quality but priced 50% below Almadens line. The competitor announced its new line on January 14, 2015. Almaden indicates that the company will meet the lower prices that are high enough to cover variable manufacturing and selling expenses, but permit recovery of only a portion of fixed costs.
4.		You learned on January 28, 2015, prior to completion of the audit, of heavy damage because of a recent fire to one of Almadens two plants; the loss will not be reimbursed by insurance. The newspapers described the event in detail.

Analyze the above information to prepare a corrected balance sheet for Almaden in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. (List current assets in order of liquidity. Enter account name only and do not provide descriptive information.)