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List the corrections needed to present in good form the balance sheet below. Errors include misclassifications, lack of adequate disclosure, and poor terminology. Do not concern yourself with the arithmetic. If an item can be classified in more than one category, select the category most favored by the authors of your textbook.

Tanner Corporation

Balance Sheet

For the year ended December 31, 2018

Assets

Current Assets:
Cash	$18,000
Equity investments-trading (fair value, $32,000)	$27,000
Accounts receivable	$75,000
Inventory	$60,000
Supplies inventory	$3,000
Investment in subsidiary company	$60,000	$243,000
Investments:
Treasury stock		$78,000
Tangible Fixed Assets:
Buildings and land	$213,000
Less: Reserve for depreciation	$60,000	$153,000
Deferred Charges:
Discount on bonds payable		$3,000
Other Assets:
Cash surrender value of life insurance		$54,000
		$531,000

Liabilities and Capital

Current Liabilities:
Accounts payable	$45,000
Reserve for income taxes	$42,000
Customer's accounts with credit balances	$3	$87,003
Long-Term Liabilities:
Bonds payable		$120,000
Total Liabilities		$207,003
Capital Stock:
Capital stock	$225,000
Earned surplus	$74,997
Cash dividends declared	$24,000	$323,997
		$531,000

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