In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use?

(a) Treasury stock (recorded at cost). (b) Checking account at bank. (c) Land (held as an investment). (d) Sinking fund. (e) Unamortized premium on bonds payable. (f) Copyrights. (g) Pension fund assets. (h) Premium on common stock. (i) Long-term investments (pledged against bank loans payable).

Expert Solution

Statementshowing Computations
Paticulars	Paticulars
(a) Treasury stock (recorded at cost)	Shareholders' Equity. "Treasury stock (at cost)."Note: This is a reduction of total shareholders' equity (reported as contra-equity)
(b) Checking account at bank	Current Assets. Included in "Cash
(c) Land (held as an investment).	Investments. "Land held as an investment
(d) Sinking fund	Investments. "Sinking fund
(e) Unamortized premium on bonds payable	Long-term debt (adjunct account to bonds payable). "Unamortized premium on bonds payable.
(f) Copyrights	Intangible Assets. "Copyrights."
(g) Pension fund assets	Investments. "Employees' pension fund," with sub captions of "Cash" and "Securities" if desired. (Assumes that the company still owns these assets.)
(h) Premium on common stock	Shareholders' Equity. "Premium on capital stock" or "Additional paid-in capital."
(i) Long-term investments (pledged against bank loans payable).	Investments. Nature of investments should be given together with parenthetical information asfollows: "pledged to secure loans payable to banks."

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