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The accountant at ABC Corp. gives you the following information on December 31, 2017.
1. Currently, cash is recorded at $ 100,000. The following additional information is available:
2. Accounts receivable (net) is $ 45,000 and inventory is $ 40,000
3. Investments are $ 200,000. Out of this, $ 80,000 is trading investments and $ 110,000 are available for sale investments., and patents of $ 10,000
4. Land was $ 40,000; Land held for future use $ 20,000; Buildings (net) $ 80,000; Accumulated depreciation on buildings $ 10,000
5. Liabilities are as follows:
6. Stockholders’ equity is $ 150,000. Of this, $ 50,000 is retained earnings, the rest are common stock. Common stock has a par value of $2, authorized 100,000 shares, issued and outstanding 25,000 shares at an average price of $ 4.
How would you report the following items on a classified balance sheet, based on the information above?
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