Presented below are a number of balance sheet items for Flounder, Inc. for the current year, 2020. Goodwill $ 126,320 Accumulated Depreciation-Equipment $ 292,490 Payroll Taxes Payable 178,911 Inventory 241,120 Bonds payable 301,320 Rent payable (short-term) 46,320 Discount on bonds payable 15,490 Income taxes payable 99,682 Cash 361,320 Rent payable (long-term) 481,320 Land 481,320 Common stock, $1 par value 201,320 Notes receivable 447,020 Preferred stock, $10 par value 151,320 Notes payable (to banks) 266,320 Prepaid expenses 89,240 Accounts payable 491,320 Equipment 1,471,320 Retained earnings ? Debt investments (trading) 122,320 Income taxes receivable 98,950 Accumulated Depreciation-Buildings 270,690 Notes payable (long-term) 1,601,320 Buildings 1,641,320
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.