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P5.3. (balance Sheet Adjustment and Preparation) 3The

P5.3. (balance Sheet...
P5.3.
(balance Sheet Adjustment and Preparation)

3
The adjusted trial balance of Eastwood Company and other related information for the year 2012 are presented on the next page.
EASTWOOD COMPANY
Adjusted Trial Balance
December 31, 2012

Debits

Credits
Cash

$   41,000

Accounts Receivable

163,500

Allowance for Doubtful Accounts

$    8,700
Prepaid Insurance

5,900

Inventory

208,500

Equity Investments (long-term)

339,000

Land

85,000

Construction in Process (building)

124,000

Patents

36,000

Equipment

400,000

Accumulated Depreciation—Equipment

240,000
Discount on Bonds Payable

20,000

Accounts Payable

148,000
Accrued Expenses

49,200
Notes Payable

94,000
Bonds Payable

200,000
Common Stock

500,000
Paid-in Capital in Excess of Par—Common Stock

45,000
Retained Earnings

138,000

$1,422,900

$1,422,900
Additional information:

1.
The LIFO method of inventory value is used.
2.
The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3.
The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance.
4.
The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5.
Of the discount on bonds payable, $2,000 will be amortized in 2013.
6.
The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2013.
7.
The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2023.
8.
600,000 shares of common stock of a par value of $1 were authorized, of which 500,000 shares were issued and outstanding.
Instructions
Prepare a balance sheet as of December 31, 2012, so that all important information is fully disclosed.
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10/9/2013
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