Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.
|
Goodwill
|
|
$127,620
|
|
Accumulated depreciation-equipment
|
|
$292,465
|
|
Payroll Taxes Payable
|
|
180,211
|
|
Inventory
|
|
242,420
|
|
Bonds payable
|
|
302,620
|
|
Rent payable (short-term)
|
|
47,620
|
|
Discount on bonds payable
|
|
15,465
|
|
Income tax payable
|
|
100,982
|
|
Cash
|
|
362,620
|
|
Rent payable (long-term)
|
|
482,620
|
|
Land
|
|
482,620
|
|
Common stock, $1 par value
|
|
202,620
|
|
Notes receivable
|
|
448,320
|
|
Preferred stock, $10 par value
|
|
152,620
|
|
Notes payable (to banks)
|
|
267,620
|
|
Prepaid expenses
|
|
90,540
|
|
Accounts payable
|
|
492,620
|
|
Equipment
|
|
1,472,620
|
|
Retained earnings
|
|
?
|
|
Equity investments (trading)
|
|
123,620
|
|
Income taxes receivable
|
|
100,250
|
|
Accumulated depreciation-buildings
|
|
270,665
|
|
Unsecured notes payable (long-term)
|
|
1,602,620
|
|
Buildings
|
|
1,642,620
|
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 equity investments (trading) are the same.