Presented below are a number of balance sheet items for Montoya, Inc

Presented below are a number of balance sheet items for Montoya, Inc

Subject: Business    / Accounting
Question
P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
Goodwill    $125,000     Accumulated Depreciation – Equipment    $292,000
Payroll Taxes Payable    177,591    Inventory    239,800
Bonds Payable    300,000    Rent Payable – Short-term    45,000
Discount on Bonds Payable    15,000    Income Tax Payable    98,362
Cash    360,000    Rental Expense Long-term    480,000
Land    480,000    Common Stock, $1 Par Value    200,000
Notes Receivable    445,700    Preferred Stock, $10 Par Value    150,000
Notes Payable to Banks    265,000    Prepaid Expenses    87,920
Accounts Payable    490,000    Equipment    1,470,000
Retained Earnings    ?    Equity Investments (Trading)    121,000
Income Taxes Receivable    97,630    Accumulated Depreciation – Buildings    270,200
Unsecured Notes Payable (Long-term)    1,600,000    Buildings    1,640,000

Instructions
Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, 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 marketable securities are the same.