Acc 557 Problem 12-6a

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ACC 557 Problem 12-6A

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Problem 12-6A

The following data, presented in alphabetical order, are taken from the records of Radar Corporation.

Accounts payable $239,940

Accounts receivable 140,640

Accumulated depreciation—buildings 179,250

Accumulated depreciation—equipment 51,270

Allowance for doubtful accounts 5,020

Bonds payable (10%, due 2020) 500,300

Buildings 950,390

Cash 41,980

Common stock ($10 par value; 491,980 shares authorized, 149,720 shares issued) 1,497,200

Dividends payable 79,080

Equipment 275,620

Fair value adjustment—non-trading securities (Dr) 7,000

Goodwill 200,650

Income taxes payable 119,490

Inventory 170,150

Investment in Mara common stock (30% ownership), at equity 379,160

Investment in Sasse common stock (10% ownership), at cost 277,090

Land 389,940

Notes payable (due 2015) 70,840

Paid-in capital in excess of par—common stock 136,190

Premium on bonds payable 39,560

Prepaid insurance 15,720

Retained earnings 103,200

Short-term investment, at fair value (and cost) 180,000

Unrealized gain—non-trading securities 7,000

The investment in Sasse common stock is considered to be a long-term non-trading security.

Prepare a classified balance sheet at December 31, 2014. (List assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)