Reference no: EM132508854

HIJ Company had the following balance information at December 31, 2019:

Property, plant, and equipment                  $1,255,000

Goodwill                                                  $212,000

Interest payable                                          6,000

Common stock                                               5,000

Line of credit, due on demand                           120,000

Prepaid insurance                                             24,000

Customer list                                                   35,000

Accounts payable                                            50,000

Additional paid-in capital                                    545,000

Retained earnings December 31, 2018                   410,000

Salaries payable                                               12,000

Accumulated depreciation                                  145,000

Cash and cash equivalents                                 85,000

Accounts receivable, net                                 120,000

Pension liability                                                65,000

Accumulated other comprehensive loss                      5,000

Inventory                                                         436,000

Note payable, due in annual installments of $25,000 plus interest on December 31 each year for 27 years 675,000

Land held for future expansion                         136,000

• Net income for 2019 totaled $325,000. The company declared dividends of $50,000 on December 15, 2019.

Question 1: How much did HIJ Corporation report as Current liabilities and Long-term liabilities, respectively, in its classified 2019 Balance sheet?

Current liabilities: 68,000

Long-term liabilities: 860,000

Current liabilities: 213,000

Long-term liabilities: 715,000

Current liabilities: 253,000

Long-term liabilities: 675,000

None of the other answer choices is correct.

Current liabilities: 188,000

Long-term liabilities: 740,000

Current liabilities: 278,000

Long-term liabilities: 650,00