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ACCT251P5-5Sol - PROBLEM 5-5 SARGENT CORPORATION Balance...

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PROBLEM 5-5
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SARGENT CORPORATION Balance Sheet December 31, 2010 Assets Current assets Cash ..................................................... $150,000 Trading securities (at fair value) ....... 80,000 Accounts receivable ........................... $ 170,000 Less: Allowance for doubtful accounts ............................. 10,000 160,000 Inventories, at lower of cost (determined using FIFO) or market .... 180,000 Total current assets ...................... $ 570,000 Long-term investments Investments in common stock (at fair value) .................................... 270,000 Bond sinking fund .............................. 250,000 Cash surrender value of life insurance .......................................... 40,000 Land held for future use ..................... 270,000 830,000 Property, plant, and equipment Land ..................................................... 500,000 Buildings .............................................. 1,040,000 Less: Accum. depreciation— building .............................. 360,000 680,000 Equipment ........................................... 450,000 Less: Accum. depreciation— equipment .......................... 180,000 270,000 1,450,000 Intangible assets Franchise ............................................. 165,000 Goodwill ............................................... 100,000 265,000 Total assets
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