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E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation atDecember 31, 2010.Debits CreditsCash $ 197,000Sales $ 7,900,000Trading Securities (at cost, $145,000) 153,000Cost of Goods Sold 4,800,000Long-term Investments in Bonds 299,000Long-term Investments in Stocks 277,000Short-term Notes Payable 90,000Accounts Payable 455,000Selling Expenses 2,000,000Investment Revenue 63,000Land 260,000Buildings 1,040,000Dividends Payable 136,000Accrued Liabilities 96,000Accounts Receivable 435,000Accumulated Depreciation—Buildings 352,000Allowance for Doubtful Accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Extraordinary Gain 80,000Long-term Notes Payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation—Equipment 60,000Franchise 160,000Common Stock ($5 par) 1,000,000Treasury Stock 191,000Patent 195,000Retained Earnings 78,000Paid-in Capital in Excess of Par 80,000Totals $12,315,000 $12,315,000InstructionsPrepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes.
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