Prepare a classified balance sheet at december

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Reference no: EM132004026

Problem - The following data, presented in alphabetical order, are taken from the records of Radar Corporation.

Accounts payable

$240,000

Accounts receivable

140,000

Accumulated depreciation-buildings

180,000

Accumulated depreciation-equipment

52,000

Allowance for doubtful accounts

6,000

Bonds payable (10%, due 2020)

500,000

Buildings

950,000

Cash

42,000

Common stock ($10 par value; 500,000 shares authorized, 150,000 shares issued)

1,500,000

Dividends payable

80,000

Equipment

275,000

Fair value adjustment-non-trading securities (Dr)

8,000

Goodwill

200,000

Income taxes payable

120,000

Inventory

170,000

Investment in Mara common stock (30% ownership), at equity

380,000

Investment in Sasse common stock (10% ownership), at cost

278,000

Land

390,000

Notes payable (due 2015)

70,000

Paid-in capital in excess of par-common stock

130,000

Premium on bonds payable

40,000

Prepaid insurance

16,000

Retained earnings

103,000

Short-term investment, at fair value (and cost)

180,000

Unrealized gain-non-trading securities

8,000

The investment in Sasse common stock is considered to be a long-term non-trading security. Prepare a classified balance sheet at December 31, 2014.

Reference no: EM132004026

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