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.