SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2017 $ 485,000 640,000 1,720,000 305,000 $3,150,000 Current liabilities Long-term liabilities Stockholders' equity $ 380,000 1,000,000 1,770,000 $3,150,000 Current assets Investments Property, plant, and equipment Intangible assets
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The following information is presented.
1. The current assets section includes cash $150,000,
2. The investments section includes the cash surrender value of a life insurance contract $40,000; investments in common stock, short-term $80,000 and long-term $270,000; and bond sinking fund $250,000. The cost and fair value of investments in common stock are the same.
3. Property, plant, and equipment includes buildings $1,040,000 less accumulated
4. Intangible assets include a franchise $165,000,
5. Current liabilities include accounts payable $140,000, notes payable—short-term $80,000 and long-term $120,000, and income taxes payable $40,000.
6. Long-term liabilities are composed solely of 7% bonds payable due 2025.
7.
Instructions
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above.
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