At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed the following information:

At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed the following information:

The amount of income taxes applicable to ordinary income was $60,372. This tax amount does not include the tax effect of the discontinued operations loss which amounted to $24,540.

Inventory is stated at the lower-of-FIFO-cost-or-market                                      

Investments include common stock of a company that is classified as short-term and totals $81,360 and common stock of a different company that is classified as a long-term and it totals $271,360.                                      

The cost and fair value of the investments in the common stock are the same.                                      

Notes payable includes $81,360 due before December 31, 2018 and the remaining amount due later than that date.                                      

Bonds payable are comprised of a 7% bond due in 2025.                                      

The Preferred Stock has no par value. 200,000 shares are authorized and 71,360 shares are issued.                                      

The Common Stock has a $1.00 par value. 400,000 shares are authorized and 101,360 shares are issued.                                      

Land consists of $501,360 used in operations and $270,000 held for future use.  

12/31/2017

Sales revenue  1,206,580

Discontinued operations loss (net of tax)  57,260

Selling expenses  125,620

Cash  151,360

Accounts receivable  171,360

Common stock  101,360

Cost of goods sold  704,420

Buildings  1,041,360

Accumulated depreciation-machinery  181,360

Accumulated depreciation - buildings  361,360

Dividend revenue  7,330

Unearned service revenue  6,360

Interest payable  1,150

Land   771,360

Franchises  166,360

Retained deficit  2,438

Interest expense  17,460

Administrative expenses  165,170

Dividends declared  25,820

Allowance for doubtful accounts  11,360

Notes payable   202,720

Machinery  451,360

Inventories  181,360

Accounts payable  141,360

Cash Surrender Value of life Insurance  41,360

Investments  352,720

Goodwill  101,360

Discount on bonds payable  37,280

Income taxes payable  37,280

Bonds payable  1,001,360

Preferred stock  428,160

Additional paid-in capital  912,240

Compute a classified balance sheet for the company