Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: $52,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. Prepaid rent of $26,000, covering the period January 1, 2025, through December 31, 2026. Notes payable of $204,000. The notes are payable in annual installments of $22,000 each, with the first installment payable on March 1, 2025. Accrued interest payable of $14,000 related to the notes payable is due June 30, 2025. Investment in equity securities of other corporations, $84,000. Cone intends to sell one-half of the securities in 2025. Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.
Cone Corporation is in the process of preparing its December 31, 2024,
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