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It isn't letting me copy and paste but I am struggling with the balance sheet setup because of the additional information.  Putting it together the best that I can without using the additional information at this time and than going to try and rework it if I can. 


Balance Sheet Adjustment and Preparation)

 

The adjusted trial balance of Eastwood Company and other related information for the year 2014 are

 

presented as follows.

 

EASTWOOD COMPANY

 

ADJUSTED TRIAL BALANCE

 

DECEMBER 31, 2014

 

Debit

 

Cash

 

Accounts Receivable

 


 

$? 41,000

 

163,500

 


 

Allowance for Doubtful Accounts

 

Prepaid Insurance

 


 

$?? 8,700

 

5,900

 


 

Inventory

 


 

208,500

 


 

Equity Investments (long-term)

 


 

339,000

 


 

Land

 

Construction in Process (building)

 

Patents

 

Equipment

 


 

85,000

 

124,000

 

36,000

 

400,000

 


 

Accumulated Depreciation?Equipment

 

Discount on Bonds Payable

 


 

Credit

 


 

240,000

 

20,000

 


 

Accounts Payable

 


 

148,000

 


 

Accrued Liabilities

 


 

49,200

 


 

Notes Payable

 


 

94,000

 


 

Bonds Payable

 


 

200,000

 


 

Common Stock

 


 

500,000

 


 

Paid-in Capital in Excess of Par?Common Stock

 

Retained Earnings

 


 

45,000

 

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 2015.

 


 

6. The notes payable represent bank loans that are secured by long-term investments carried at

 

$120,000. These bank loans are due in 2015.

 


 

7. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2025.

 

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, 2014, so that all important information is fully disclosed.

 


 

 


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