Presented below is the balance sheet of Crane Corporation for the current year,
Crane Corporation Balance Sheet
December
Current assets
Investments
Property, plant, and equipment
$
Intangible assets
Current liabilities
Longterm liabilities
Stockholders' equity
$
The following information is presented.
The current assets section includes cash $ accounts receivable $ less $ for allowance for doubtful accounts, inventories $ and unearned rent revenue $ Inventory is stated on the lowerofFIFOcostornet realizable value.
The investments section includes the cash surrender value of a life insurance contract $; investments in common stock, shortterm $ and longterm $; and bond sinking fund $ The cost and fair value of investments in common stock are the same.
Property, plant, and equipment includes buildings $ less accumulated depreciation $ equipment $ less accumulated depreciation $ land $ and land held for future use $
Intangible assets include a franchise $ goodwill $ and discount on bonds payable $
Current liabilities include accounts payable $ notes payableshortterm $ and longterm $ and income taxes payable $
Longterm liabilities are composed solely of bonds payable due
Stockholders' equity has preferred stock, no par value, authorized shares, issued shares for $; and common stock, $ par value, authorized shares, issued shares at an average price of $ In addition, the corporation has retained earnings of $
