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Problems: (25 points) 1. (Balance Sheet Preparation) Presented below are a number of balance sheet...

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Problems: (25 points) 1. (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. (15 points) Accumulated depreciation-equipment S 292,000 Payroll taxes payable 52.591 Inventory 239,800 Bonds payable 285,000 Rent payable (short-term) 45,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, Si par value 200,000 Notes receivable 445.700 Preferred stock, S10 par value 150,000 Notes payable (to banks) 265.000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 1.470,000 Retained earings 713,897 Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation buildings 270.200 Notes payable (long-term) 1,600,000 Buildings 1.640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same

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