Sanford company the sanford company had the following balance sheet as of december 31, 20x2. the transactions for the first three months of 20x3 are also presented along with other information about specific accounts. sanford company balance sheet december 31, 20x2 assets liabilities cash $ 57,000 accounts payable $ 34,000 marketable securities 8,000 wages payable 11,200 accounts receivable 75,000 taxes payable 8,000 uncollectible accounts -2,000 short-term notes payable 12,000 inventory 84,000 interest payable 800 supplies 7,000 unearned revenue 13,000 prepaid insurance 6,000 total current assets $235,000 total current liabilities $ 79,000 land $114,000 long-term notes payable $ 20,000 equipment 227,000 bonds payable 100,000 accumulated depreciation -87,000 mortgage payable 320,000 building 560,000 total long-term liabilities $440,000 accumulated depreciation -130,000 intangible assets 70,000 stockholder equity total long-term assets $754,000 capital stock $100,000 paid in capital 250,000 retained earnings 120,000 total stockholders equity $470,000 total assets $989,000 total liabilities & equity $989,000 additional information accounts receivable the following table indicates the historical breakout of accounts receivable days current 30 to 60 60 to 90 over 90 percent of balance 50% 30% 15% 5% percent collectible 95% 90% 80% 60% the company uses the gross method of recording all sales on accounts. marketable securities the interest rate earned on marketable securities is 6.0%. inventory in 20x2, the company had used the gross method to record inventory purchases on account. as of january 1, 20x3, the company is using the net method to record inventory purchases on account. prepaid insurance a three-year insurance policy in the amount of $7,200 was purchased on july 1, 20x2. equipment equipment is depreciated at an average amount of $3,000 per month. building the current building was purchased on january 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000. intangible assets intangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year. short-term notes payable the one-year short-term notes payable are due on march 1, 20x3.