The adjusted trial balance of Vaughn Company and other related information for the year 2020 are presented as follows

The adjusted trial balance of Vaughn Company and other related information for the year 2020 are presented as follows.

VAUGHN COMPANY

ADJUSTED TRIAL BALANCE

DECEMBER 31, 2020

Debit

Credit

Cash

$  43,710

Accounts Receivable

166,210

Allowance for Doubtful Accounts

$  8,960

Prepaid Insurance

6,160

Inventory

211,210

Equity Investments (long-term)

341,710

Land

87,710

Construction in Progress (building)

126,710

Patents

36,000

Equipment

402,710

Accumulated Depreciation-Equipment

240,260

Discount on Bonds Payable

20,000

Accounts Payable

150,710

Accrued Liabilities

51,910

Notes Payable

96,710

Bonds Payable

202,710

Common Stock

502,710

Paid-in Capital in Excess of Par-Common Stock

45,000

Retained Earnings

143,160

$1,442,130

$1,442,130

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 (with ownership less than 20% of total shares) are 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 $87,710, 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 2021.

6. The notes payable represent bank loans that are secured by long-term investments carried at $122,710. These bank loans are due in 2021.

7. The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2031.

8. 600,000 shares of common stock of a par value of $1 were authorized, of which 502,710 shares were issued and outstanding.

a balance sheet as of December 31, 2020, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)