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

Redlands Corporation.

Accounts payable…………………$ 375,000

Accounts receivable………………..135,000

Accumulated depreciation—buildings…………270,000

Accumulated depreciation—equipment…………80,000

Allowance for doubtful accounts…………….10,000

Bonds payable (10%, due 2022)……………600,000

Buildings……………………1,350,000

Cash…………………….210,000

Common stock ($5 par value; 500,000 shares authorized,

440,000 shares issued)……………..2,200,000

Discount on bonds payable………………30,000

Dividends payable………………..75,000

Equipment……………………415,000

Goodwill…………………..300,000

Income taxes payable………………180,000

Inventory…………………….255,000

Investment in Bonita Inc. stock (30% ownership), at equity…900,000

Land……………………..780,000

Notes payable (due 2013)……………..110,000

Paid-in capital in excess of par—common stock………300,000

Prepaid insurance………………..25,000

Retained earnings…………………480,000

Short-term investments, at fair value (and cost)……….280,000

Instructions

Prepare a classified balance sheet at December 31, 2012.



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