=+Current liabilities $ 342,000 $ 285,000 Long-term liabilities:

Mortgage note payable, 8%, due 2013 $ 600,000 —

Bonds payable, 10%, due 2017 500,000 $ 500,000 Total long-term liabilities $1,100,000 $ 500,000 Total liabilities $1,442,000 $ 785,000 Stockholders’ Equity Preferred $2.50 stock, $100 par $ 500,000 $ 500,000 Common stock, $20 par 800,000 800,000 Retained earnings 1,384,000 1,006,500 Total stockholders’ equity $2,684,000 $2,306,500 Total liabilities and stockholders’ equity $4,126,000 $3,091,500 Instructions