Ivanhoe Corporation’s balance sheet at the end of 2016 included the following items.
Current assets (Cash $82,000)$236,890Current liabilities$151,890Land31,420Bonds payable101,890Buildings121,890Common stock181,420Equipment91,420Retained earnings45,420Accum. depr.-buildings(31,890) Total$480,620Accum. depr.-equipment(11,000)Patents41,890 Total$480,620
The following information is available for 2017.
1.Net income was $54,200.2.Equipment (cost $21,890 and accumulated depreciation $9,890) was sold for $11,890.3.Depreciation expense was $5,890 on the building and $10,890 on equipment.4.Patent amortization was $2,500.5.Current assets other than cash increased by $29,000. Current liabilities increased by $14,890.6.An addition to the building was completed at a cost of $28,890.7.A long-term investment (Equity) in stock was purchased for $16,000.8.Bonds payable of $51,420 were issued.9.Cash dividends of $30,000 were declared and paid.10.Treasury stock was purchased at a cost of $11,000.
Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)
Please show work. Thank you.