The following data, presented in alphabetical order, are taken from the records of Urbina Corporation.
|
Accounts payable |
$240,000 |
|
Accounts receivable |
140,000 |
|
Accumulated depreciation—building |
180,000 |
|
Accumulated depreciation—equipment |
52,000 |
|
Allowance for doubtful accounts |
6,000 |
|
Bonds payable (10%, due 2019) |
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 |
|
Goodwill |
200,000 |
|
Income taxes payable |
120,000 |
|
Investment in Flott common stock (10% ownership), at cost |
278,000 |
|
Investment in Portico common stock (30% ownership), at equity |
380,000 |
|
Land |
390,000 |
|
Market adjustment—available for sale securities (Dr) |
8,000 |
|
Merchandise inventory |
170,000 |
|
Notes payable (due 2012) |
70,000 |
|
Paid in capital in excess of par value |
130,000 |
|
Premium on bonds payable |
40,000 |
|
Prepaid insurance |
16,000 |
|
Retained earnings |
103,000 |
|
Short term stock investment, at fair value (and cost) |
180,000 |
|
Unrealized gain—available for sale securities |
8,000 |
The investment in Flott common stock is considered to be a long term available for sale security.
Instructions
Prepare a classified balance sheet at December 31, 2011.