P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Goodwill $125,000 Accumulated Depreciation – Equipment $292,000 Payroll Taxes Payable 177,591 Inventory 239,800 Bonds Payable 300,000 Rent Payable – Short-term 45,000 Discount on Bonds Payable 15,000 Income Tax Payable 98,362 Cash 360,000 Rental Expense Long-term 480,000 Land 480,000 Common Stock, $1 Par Value 200,000 Notes Receivable 445,700 Preferred Stock, $10 Par Value 150,000 Notes Payable to Banks 265,000 Prepaid Expenses 87,920 Accounts Payable 490,000 Equipment 1,470,000 Retained Earnings ? Equity Investments (Trading) 121,000 Income Taxes Receivable 97,630 Accumulated Depreciation – Buildings 270,200 Unsecured Notes Payable (Long-term) 1,600,000 Buildings 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, 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 marketable securities are the same.