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The accountant for BSA Company prepares the following condensed balance sheet:
BSA Company
Condensed Balance Sheet
December 31, 2018
*notes of customer who has been declared bankrupt and is unable to pay
anything on the obligations
The inventory account was found to include supplies costing P425, a
delivery truck acquired at the end of 2018 at a cost of P2,100, and fixtures at a
depreciated value of P10,400. The fixtures had been acquired in 2012 at a cost of
P12,500.
It was estimated that the land at the time of the purchase was worth
P30,000. Buildings as of December 31, 2018 were estimated to have a remaining
life of 17 ½ years.
Required: Prepare a corrected balance sheet with the items properly classified.