The following is the adjusted trial balance of the XHO Company as of December 31, 2015: XHO Company Adjusted Trial Balance 31-Dec-15 Debits Credits Cash $49,100 Accounts Receivables 195,700 Allowance for Doubtful Accounts $10,400 Prepaid Insurance 7,100 Inventory 369,300 Long-term Investments 405,800 Land 101,700 Construction Work in Process 148,400 Patents 43,200 Equipment 478,800 Accumulated Depreciation Equipment 167,600 Unamortized Discount on Bonds Payable 24,000 Accounts Payable 177,200 Accrued Expenses 58,900 Notes Payable 112,500 Bonds Payable 478,800 Common Stock 598,500 Premium on Common Stock 53,900 Retained Earnings 165,300 $1,823,100 $1,823,100 Additional information: 1. The company purchased the patents for $48,000 and amortizes the cost using the straight-line method of amortization. 2. In 2016, $2,400 of the unamortized discount on bonds payable will be amortized. 3. The long-term investments consist of both stocks and bonds. The costs of the investments equal the fair market value of the investments. 4. The company has an outstanding bank loan recorded as a notes payable. The loan is due in 2016 and is secured by long-term investments in the amount of $144,000. 5. The bonds payable pay 8% interest each December 31. They are due on January 1, 2026. 6. The Construction Work in Process represents a new factory building under construction. 7. The Land represents the land on which the new factory is being constructed. 8. The company uses the FIFO method of inventory valuation. 9. The company has authorized 718,000 shares of common stock with a $1 par value. During 2015, there were 598,500 shares issued and outstanding. 10. The company ends its accounting year on December 31. Instructions: Prepare a balance sheet in good form as of December 31, 2015 which fully discloses all important information.
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