International Paper Company CONSOLIDATED BALANCE SHEET The accompanying notes are an integral part of these financial statements. 39 In millions at December 31 2004 ) 2003) Assets Current Assets Cash and temporary investments $2,596) $2,363) Accounts and notes receivable, less allowances of  $128 in 2004 and $135 in 2003 2,994) 2,765) Inventories 2,718) 2,767) Assets of businesses held for sale 229) 2,104) Deferred income tax assets 470) 581) Other current assets 312) 516) Total Current Assets 9,319) 11,096) Plants, Properties and Equipment, net 13,432) 13,260) Forestlands 3,936) 3,979) Investments 679) 678) Goodwill 4,994) 4,793) Deferred Charges and Other Assets 1,857) 1,719) Total Assets $34,217) $35,525) Liabilities and Common Shareholders’ Equity Current Liabilities Notes payable and current maturities of long-term debt $506) $2,087) Accounts payable 2,279) 2,188) Accrued payroll and benefits 492) 445) Liabilities of businesses held for sale 82) 645) Other accrued liabilities 1,513) 1,905) Total Current Liabilities 4,872) 7,270) Long-Term Debt 14,132) 13,450) Deferred Income Taxes 1,697) 1,387) Other Liabilities 3,714) 3,559) Minority Interest 1,548) 1,622) Commitments and Contingent Liabilities - Note 10 Common Shareholders’ Equity Common stock, $1 par value, 2004 - 487.5 shares, 2003 - 485.2 s hares 487) 485) Paid-in capital 6,562) 6,500) Retained earnings 2,562) 3,082) Accumulated other comprehensive loss (1,357) (1,690) 8,254) 8,377) Less: Common stock held in treasury, at cost, 2003 - 3.7 shares -) 140) Total Common Shareholders’ Equity 8,254) 8,237) Total Liabilities and Common Shareholders’ Equity $34,217) $35,525)