Chapter 6, Problem 6.3P

Prepare Balance Sheet. Jennings Incorporated provided the following account balances at December 31 for the current year.

Account	Debit	Credit
Investments at fair value (trading)	$ 340.000
Accounts payable		$324,560
Additional paid-in capital		700,000
Dividends payable		35,400
Equipment under capital lease	670,000
Intangible assets - net	123,000
Merchandise inventory	890,125
Income taxes payable		65,000
Cash	187,000

Account	Debit	Credit
Notes payable, due in 10years		800,000
Retained earnings		713,000
Obligations under capital leases (noncurrent)		640,000
Obligations under pension plans		325,675
Deferred tax liability (noncurrent)		25,000
Accumulated other comprehensive income		235,750
Current portion of long-term debt		76,000
Property, plant, and equipment - net	1,567,500
Investments in affiliate companies (noncurrent)	493,960
Accounts receivable	450,000
Bonds payable, due in 20 years		606,700
Common stock. $1 par value		174,500

Required

1. a. Prepare the balance sheet at December 31 using the report format.
2. b. Prepare the balance sheet at December 31 using the account format.