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(Preparation of a Corrected Balance Sheet) Presented below and on the next page is the balance sheet of Kishwaukee Corporation as of December 31, 2012.
KISHWAUKEE CORPORATION BALANCE SHEET DECEMBER 31, 2012
Assets
Goodwill
$120,000
Buildings
1,640,000
Inventory
312,100
Land
950,000
Accounts receivable
170,000
Treasury stock (50,000 shares)
87,000
Cash on hand
175,900
Assets allocated to trustee for plant expansion
Cash in bank
70,000
Debt investments (held-to-maturity)
138,000
$3,663,000
Equities
Notes payable
$600,000
Common stock, authorized and issued, 1,000,000 shares, no par
1,150,000
Retained earnings
858,000
Appreciation capital
570,000
Income tax payable
75,000
Reserve for depreciation recorded to date on the building
410,000
Instructions
Prepare a corrected classified balance sheet in good form. The notes above are for information only.
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