Foc CashPrepaid InsuranceAccounts ReceivableInventoryLand held for investmentLand$204,000Building132,000Less Accumulated Depreciation (24,000) 108,000Trademark84,000Total Assets$698,000O$56,000Cain Auto SuppliesBalance Sheet31-Dec-23$320,000$20,00036,00060,000O $116,000204,00096,00090,000Accounts PayableInterest PayableMortgage PayableTotal LiabilitiesCommon StockRetained EarningsTotal Stockholders' equityTotal Liabilities andStockholders' EquityThe total dollar amount of assets to be classified as current assets is$76,0002,000216,000$294,000$104,000300,000$404,000$698,000

CURRENT ASSETSCurrent assets are short-term assets that can be easily converted into cash.Current…

Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building 132,000 Less Accumulated Depreciation (24,000) 108,000 Trademark 84,000 Total Assets $698,000 O $204,000 O $56,000 Cain Auto Supplies Balance Sheet 31-Dec-23 $320,000 $20,000 36,000 60,000 204,000 96,000 90,000 O $116,000 Accounts Payable Interest Payable Mortgage Payable Total Liabilities $76,000 2,000 The total dollar amount of assets to be classified as current assets is 216,000 $294,000 Common Stock $104,000 Retained Earnings 300,000 Total Stockholders' equity $404,000 Total Liabilities and Stockholders' Equity $698,000