INGRAM INDUSTRIES Balance Sheet June 30, 2008   Assets Current assets: Cash (including $13,000 in sinking fund for bonds payable) $ 70,000 Marketable securities 23,400 Investment in subsidiary company 23,000 Accounts receivable 21,000 Inventories (lower-of-cost-or-market) 117,00 $254,400 Plant assets: Land and buildings $160,000 Less: Accumulated depreciation 100,000 60,000 Investments: Treasury stock 4,000 Deferred charges: Discount on bonds payable $ 6,000 Prepaid expenses 2,000 8,000 Total Assets $326,400 Liabilities and Stockholders’ Equity Liabilities: Notes payable to bank $ 60,000 Accounts payable 18,000 Bonds payable 61,000 Total liabilities $139,000   Stockholders’ equity: Preferred and common (each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000   Capital in excess of par 61,000 Retained earnings 16,400 187,400 Total liabilities and stockholders’ equity $326,400 Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized