Problem #3 The condensed balance sheet and income statement for
Major Company are presented below. MAJOR COMPANY Balance Sheet At
December 31, 2019 Cash $ 25,000 Notes receivable (due August 15,
2020) 41,000 Accounts receivable (net) 50,800 Merchandise inventory
74,200 Property, plant, and equipment (net) 310,000 Intangible
assets 14,800 Total assets $ 515,800 Current liabilities $ 120,200
Bonds payable (12%) (long-term) 105,000 Common stock 60,000
Retained earnings 230,600 Total liabilities and equity $ 515,800
MAJOR COMPANY Income Statement For the...