Reference no: EM131826905
Problem - Presented below is the balance sheet of Kishwaukee Corporation as of December 31, 2012.
KISHWAUKEE CORPORATION BALANCE SHEET DECEMBER 31, 2012
Assets
Goodwill (Note 2) $ 122,970
Buildings (Note 1) 1,640,000
Inventory 315,070
Land 950,000
Accounts receivable 172,970
Treasury stock (50,000 shares) 89,970
Cash on hand 178,870
Assets allocated to trustee for plant expansion
Cash in bank 72,970
Debt investments (held-to-maturity) 140,970
$3,683,790
Equities
Notes payable (Note 3) $605,940
Common stock, authorized and issued, 1,000,000 shares, no par 1,152,970
Retained earnings 860,970
Appreciation capital (Note 1) 572,970
Income tax payable 77,970
Reserve for depreciation recorded to date on the building 412,970
$3,683,790
Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of appraisal value over cost was $572,970. Depreciation has been recorded based on cost.
Note 2: Goodwill in the amount of $122,970 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of $122,970 was credited to Retained Earnings.
Note 3: Notes payable are long-term except for the current installment due of $100,000.
Prepare a corrected classified balance sheet in good form. The notes above are for information only.
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